Invest at least $1 billion into Aircel or go to NCLT, lenders warn Maxis

It has been a roller coaster journey for Maxis in India. It has invested close to $7 billion in India's wireless telephony market but has not made any money

Faced with a massive Rs 170-billion non-performing asset, lenders have warned wireless telephony provider Aircel to either infuse more funds into the company or go to the National Companies Law Tribunal (NCLT). The lenders have called a meeting on January 19 to take a final call on the company’s future.

The lenders want Aircel promoter, Malaysia-based Maxis, to invest at least $1 billion into the company so that it can meet financial obligations. With the company planning to shut services in six circles, lenders expect its financial metrics to fall further. Hence, the lenders want Maxis to infuse more cash from