Aircel junks reports of it shutting shop, says will turn around business

Telecom carrier 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.