Malaysian Tycoon's Firm to Lose $7 Billion on Aircel Foray

  • Indian insolvency could wipe out 12 years of investments
  • Carrier collapse marks Krishnan’s biggest-ever soured deal
Bloomberg’s Tim Sifert reports on the bankruptcy filing of Billionaire T Ananda Krishnan’s phone operator Aircel.(Source: Bloomberg)
Lock
This article is for subscribers only.

Malaysian tycoon T. Ananda Krishnan’s company is poised to lose a total of about $7 billion from a failed 12-year foray in the Indian wireless market, marking his biggest-ever hit on a soured investment, people with knowledge of the matter said.

Krishnan-backed mobile carrier Aircel Ltd. filedBloomberg Terminal to start insolvency proceedings in India, the company said Wednesday, confirming an earlier Bloomberg News report the move was imminent. Maxis Communications Bhd., a holding company for some of Krishnan’s telecom ventures, has made about $3.4 billion of shareholder advances to Aircel that it now won’t be able to recoup, according to one of the people.