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http://www.straitstimes.com/business/companies-markets/tycoon-could-lose-9b-on-india-telco
Tycoon could lose $9b on India telco
Malaysian tycoon Ananda Krishnan saw India's booming market as key to his empire's future and was willing to invest big to make Aircel (above) a success. PHOTO: BLOOMBERG
Published
Mar 3, 2018, 5:00 am SGT
KUALA LUMPUR • It was supposed to be the crowning achievement of Malaysian tycoon Ananda Krishnan's five-decade career.
But his US$7 billion (S$9.3 billion) bet on mobile carrier Aircel may instead go down as one of the biggest flops by a foreign investor in India, a stark reminder that doing business in the world's fastest-growing major economy is often a lot tougher than it looks.
Mr Krishnan's holding company stands to lose all the money it poured into Aircel over the past 12 years, people with knowledge of the matter said, after the carrier filed to start bankruptcy proceedings this week.
Buffeted by intense competition and regulatory uncertainty, Aircel is the latest in a long list of casualties in an Indian telecommunications market that only a few years ago was luring foreign entrants in droves.
Tycoon could lose $9b on India telco

Malaysian tycoon Ananda Krishnan saw India's booming market as key to his empire's future and was willing to invest big to make Aircel (above) a success. PHOTO: BLOOMBERG
Published
Mar 3, 2018, 5:00 am SGT
KUALA LUMPUR • It was supposed to be the crowning achievement of Malaysian tycoon Ananda Krishnan's five-decade career.
But his US$7 billion (S$9.3 billion) bet on mobile carrier Aircel may instead go down as one of the biggest flops by a foreign investor in India, a stark reminder that doing business in the world's fastest-growing major economy is often a lot tougher than it looks.
Mr Krishnan's holding company stands to lose all the money it poured into Aircel over the past 12 years, people with knowledge of the matter said, after the carrier filed to start bankruptcy proceedings this week.
Buffeted by intense competition and regulatory uncertainty, Aircel is the latest in a long list of casualties in an Indian telecommunications market that only a few years ago was luring foreign entrants in droves.