India telecom operator Aircel filed for bankruptcy
India’s sixth largest telecom operator Aircel along
with its units – Aircel Cellular and Dishnet Wireless filed for bankruptcy in the National Companies Law Tribunal (NCLT) in Mumbai.
It filed for bankruptcy after its Malaysian promoter Maxis Communications
decided against pumping additional funds into the company.
It thus became the fourth telecom firm to wind up its
operations mainly due to fierce competition and high levels of debt.
It is worth mentioning that prior to Aircel the three other
telecom operators who had decided to wind-up their operations are – Anil
Ambani-run Reliance Communications, Norway-based Telenor and the wireless
business of Tata Teleservices.