May 24, 2024 03:16 PM IST
Success was a problem at that time, Chinnakannan Sivasankaran said in a podcast, adding, “Politicians intervened and I lost my company.”
Aircel founder Chinnakannan Sivasankaran said that today’s India is very different from a decade back as at that time businesses faced significant pressures. Success was a problem at that time, he said in a podcast, adding, “Politicians intervened and I lost my company.”
Read more: Google’s new AI tool asked how to pass kidney stones. It replies: Drink urine
He said, “I just made a paltry sum of ₹3,400 crore from the deal, if I would have sold it to AT&T I would have got 8 billion (sic).”
Unlock exclusive access to the latest news on India’s general elections, only on the HT App. Download Now! Download Now!
India today wasn’t like the India then, he said, adding, “Today no one can pressurise you. Back then the entrepreneur had to face pressure to sell the company to a particular person”.
Read more: This Rekha Jhunjhunwala stock is up 4%. Should you buy? What brokerages say?
Aircel exited the market in February 2018 due to financial problems. In 2006, Maxis Berhad took over Aircel by acquiring a 74% stake. The Aircel-Maxis deal came under the scanner in 2011 when Chinnakannan Sivasankaran alleged that he was pressured to sell his stake to Maxis Berhad.
Read more: Chris Wood on Indian stock market correction: Possible if these 2 things happen
Chinnakannan Sivasankaran said, “Now you build a business no one can pressure you. Now it is a liberalised India. My complaint is not that that they forced me to sell, my complaint is they should have allowed me to sell to who offered me 8 billion.”
Elevate your career with VIT’s MBA programme that has been designed by its acclaimed faculty & stands out as a beacon for working professionals. Explore now!
Discover the complete story of India’s general elections on our exclusive Elections Product! Access all the content absolutely free on the HT App. Download now!
Get latest news on Education along with Board Exam, Competitive Exam and Exam Result at Hindustan Times. Also get latest Job updates on Employment News
- ABOUT THE AUTHOR
Follow the latest breaking news and developments from India and around the world with Hindustan Times’ newsdesk. From politics and policies to the economy and the environment, from local issues to national events and global affairs, we’ve got you covered.
