C. Sivasankaran, Aircel’s founder, said while it was “sad” that the company had filed for bankruptcy, competition had forced it under.
“I feel very sad that Aircel has filed for bankruptcy,’’ said Mr. Sivasankaran.
‘Best option’
The move, however, was the best option available with the current owners, Mr. Sivasankaran told The Hindu .
Stating that Aircel had an “in-built unviable model,’’ he said intense competition had undone the mobile services operator.
He said Aircel’s current owners had received a $7.5 billion buyout offer from AT&T. However, according to him, the talks could not reach a logical conclusion following differences over the offer price.
