Tag: T. Ananda Krishnan

Malaysian billionaire T. Ananda Krishnan’s company is set to make a loss of around $7 billion from a failed 12-year investment in the Indian telecom company Aircel Ltd, which officially announced the start of insolvency proceedings on Wednesday. Krishnan’s holding company Maxis Communcations Bhd had spent about $3.4 billion in shareholder rights to Aircel; amount which they will never see again. A person close to the company said anonymously that the holding company has also spent around 1.2 billion in Aircel in return for common stock. They also subscribed to $1.6 billion of redeemable preference shares. The estimates of losses also include the first $800 million Krishnan injected in the company when he first bought the firm in 2006. At that time, less than 10% of India’s 1.1 bil...