Malaysian mogul T Ananda Krishnan to lose $7 bn due to failed Aircel foray

The estimated losses also include about $800 million that Krishnan spent when he first bought the business in 2006

Malaysian tycoon, T. Ananda Krishnan’s company is poised to lose a total of about $7 billion from a failed 12-year foray in the Indian wireless market, marking his biggest-ever hit on a soured investment, people with knowledge of the matter said.

Krishnan-backed mobile carrier Aircel Ltd. filed to start insolvency proceedings in India, the company said Wednesday, confirming an earlier Bloomberg News reports the move was imminent. Maxis Communications Bhd., a holding company for some of Krishnan’s telecom ventures, has made about $3.4 billion of shareholder advances to Aircel that it now won’t be able to recoup, according to one