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India.com
08-05-2025
- Business
- India.com
Meet man, who had 2 Islands, 71-room palace, $4 Billion net worth, but lost everything due to…, he is…
Chinnakannan Sivasankaran was once the owner of two private islands along with a 71-room mansion in Chennai. Despite losing his $4 billion net worth, Siva now calls himself 'broke, not poor'. After losing so much he remains hopeful about the future. Siva' was was born into a simple household. In the 1980s, he started his business named Sterling Computers Limited (STC). It became a leading name in India's IT sector by the 1990s. However, he received recognition in the corporate world after forming Aircel in 1999. It became a big player in the mobile services industry. The company grew quickly and gained millions of subscribers. In 2006, Siva sold a 74% stake in Aircel to Malaysia-based Maxis Communications. However this move would later engage him in corruption scandals. 2G Spectrum Scandal The Maxis-Aircel deal was linked to the infamous 2G spectrum scandal. Siva was also drawn into legal battles. In 2018, Aircel filed for bankruptcy, and Siva claimed personal losses of Rs 7,000 crore. His $4 billion empire collapsed and also impacted many of his businesses. While talking about his downfall, Siva said, 'I had everything – wealth, properties, recognition – and then I watched it all vanish.' Speaking on The Ranveer Show , he shared how a book by Donald Trump inspired him to face his financial challenges. On the same day he decided to declare bankruptcy.
India.com
06-05-2025
- Business
- India.com
Meet Chinnakannan Sivasankaran, who once owned two islands, used to live in a 71-room palace, founder of one of India's top telecom company, but today…
Chinnakannan Sivasankaran Story: Chinnakannan Sivasankaran, once owned two islands and lived in a 71-room palace, but the fate of billionaire businessman took a U-turn and now he leads the life of a common man. The life story of Chinnakannan Sivasankaran is nothing short of a Bollywood masala movie, filled with dramatic ups and downs. But it's not just a tale of downfall—it also stands as an example of rising again after failure. Once a billionaire, Sivasankaran describes himself today as broken, but insists he is not poor. What happened in his life that brought him to this point? All you need to know about Chinnakannan Sivasankaran: Chinnakannan Sivasankaran was born into a modest family in Tamil Nadu. Sivasankaran entered the business world at a very young age. In the beginning, he started a computer hardware business. Later, he progressed and took his ventures to new heights. He founded a company called Sterling Computers Limited (STC), which, during the 1990s, became one of India's top computer companies. Shivashankaran gained real recognition when he founded Aircel. Launched in 1999, the company brought a revolution in the telecom sector of South India. Within a very short time, Aircel attracted millions of customers and became one of the major telecom brands in the country. Shivashankaran, later sold a 74 percent stake in Aircel to Maxis Communications (Malaysia). This deal got highly controversial and was later linked to the 2G spectrum scam. After that, Shivashankaran's troubles began, and his fortunes changed. In 2018, Aircel officially filed for bankruptcy. Following this, Shivashankaran was burdened with massive debt and legal troubles. He claimed that he suffered a loss of Rs 7,000 crore due to the entire episode. Chinnakannan Shivashankaran, popularly known as 'Siva', was once estimated to have a net worth of $4 billion. However, after Aircel went bankrupt in 2018, his world turned upside down. Recently, while sharing his story on Ranveer Allahbadia's show, The Ranveer Show, he revealed how he lost ₹7,000 crore. He said, 'I am not poor, I'm just broken for now.' He also mentioned that a related case is pending in the Supreme Court, and he is hopeful that he will recover his money through it.
News18
06-05-2025
- Business
- News18
2 Islands, 71-Room Palace, $4 Billion Net Worth: How It All Came Crashing Down For Aircel's Siva
Last Updated: In 1999, Chinnakannan Sivasankaran, also knows as 'Siva', founded Aircel, a mobile services company that became a game-changer in the telecom industry. Once the proud owner of two private islands, a 71-room mansion in Chennai, and real estate across continents, Chinnakannan Sivasankaran – better known in business circles as 'Siva" – now calls himself a broke man living a humble life. Yet he insists: he is not poor. The story of Sivasankaran reads like the script of a gripping biopic. Born into a modest Tamil Nadu household, he charted an extraordinary journey through India's corporate landscape, building and losing a billion-dollar empire. Speaking recently on The Ranveer Show, the former telecom tycoon reflected on his spectacular rise and humbling setbacks. 'I am not poor, I am just broke for the time being," he said, with a calm that belied the turbulence he has endured. Siva's entrepreneurial journey began in the 1980s with a modest foray into computer hardware. His company, Sterling Computers Limited (STC), became one of the leading names in the Indian IT sector during the 1990s. But it was in telecom where he truly made his mark. In 1999, he founded Aircel, a mobile services company that became a game-changer in the telecom industry. Aircel rapidly scaled, attracting lakhs of subscribers and emerging as a formidable brand. In 2006, Siva sold a 74% stake in Aircel to Malaysia-based Maxis Communications in a deal that would later haunt him. The transaction became entangled in the infamous 2G spectrum scandal, which rocked the telecom sector and political corridors alike. While others faced criminal prosecution, Siva too found himself mired in legal troubles and debt. In 2018, Aircel declared bankruptcy, and Siva claimed he personally suffered a loss of Rs 7,000 crore. 'I had everything – wealth, properties, recognition – and then I watched it all vanish," he said. His net worth, once pegged at over $4 billion, evaporated with the downfall of Aircel and the domino effect it triggered on his other ventures. Yet, the man who once dined with billionaires and entertained dignitaries in his palatial homes says his story is far from over. Drawing inspiration from an unlikely source, he recounted reading a book by Donald Trump on the same day he decided to declare bankruptcy. It gave him the motivation to plot his comeback. 'I decided what I had to do next. My story is not over yet," he declared, exuding a quiet determination. His former life was the stuff of modern-day royalty. He had real estate in London, the US, and Canada, and owned not one, but two islands in the Seychelles. His sprawling Chennai estate, valued at Rs 524 crore, boasted 71 rooms and a level of opulence rare even among the country's wealthiest. The estate is now gone – demolished in the wake of his financial crisis. Today, Siva retains a two-acre plot on the same land but says he has no immediate plans to rebuild. 'First I will solve all my issues. Then, maybe, I'll think about it," he said. He continues to fight a legal battle in the Supreme Court, holding on to the belief that a favourable verdict could restore much of what he lost. It's that mix of faith and resilience that now defines Siva more than the wealth he once commanded. First Published: May 06, 2025, 14:48 IST
