Aircel denies reports of shutting its operations partly
Aircel says the media reports regarding insolvency or shutting down operations in 14 circles is completely speculative and misleading
Mumbai: Aircel on Friday denied local media reports that it was partly shutting down its operations, saying it was making efforts to build a profitable business.
“Media reports about Aircel as regard insolvency or shutting down operations in 14 circles is completely speculative & misleading,” Aircel said in a statement.
Earlier this month, local ratings agency CARE said the carrier, majority owned by Malaysia’s Maxis Communications Bhd, had delayed servicing its debt obligations.
Aircel and its rival Reliance Communications had planned to combine their wireless operations, which would have moved part of the debt to the new company’s books. That deal fell apart last month.
Editor's Picks »
- With fall of the last dove, MPC minutes portend more than one RBI rate hike
- RITES IPO ticks the valuations box, but not the growth one
- Is Reliance Jio really India’s most profitable telecom firm?
- How US-China trade war will affect India
- Dear ICICI Bank board, giving a red card to Chanda Kochhar is not enough