Sivasankaran: From Aircel's Founder to Bankruptcy & Beyond
Wealthy tycoon's ₹524 crore property in Chennai razed to the ground.
Chinnakannan Sivasankaran, the well-known business tycoon, serves as a textbook example of a meteoric rise followed by a jaw-dropping fall. The man who once had an estimated net worth of over $4 billion and was the founder of telecom giant Aircel, made headlines after the company filed for bankruptcy in 2018. Recently, he appeared on The Ranveer Show, sharing his journey and post-bankruptcy plans.
"I'm not about wallowing in misery," the 68-year-old entrepreneur told podcaster Ranveer Allahbadia. "My case is pending in the Supreme Court. When it's heard, I'll get my money back," he confidently stated.
Inspired by Donald Trump's book, Sivasankaran filed for bankruptcy, and on the very same day, he crafted a plan to be a billionaire once again. "You gotta belt up and keep moving," he said.
The once-rich entrepreneur often called "Siva" isn't a man of despair. Referring to the common misconception that he's financially shattered, he declared, "I’m not poor. Many people in India think I am poor. No, I am broke."
In the podcast, he divulged his past extravagant purchases that signified his lavish lifestyle. One of his most expensive buys? Two private islands in the Seychelles—his personal "Republic of Siva." Apparently, he had also snapped up multiple residences across the world, with dwellings in Seychelles, America, Canada, and London.
To feed his desire for global residence, Sivasankaran boasted about owning a 14-acre house in Fremont, California, and a mansion in Canada that bagged awards. In his hometown of Chennai, India, he once splurged a staggering ₹524 crore on a residence, dubbed "the palace." Although the home, featuring 71 rooms, no longer stands, Sivasankaran managed to buy back half of the property. "First, I want to solve all the problems," he added.
- Bankruptcy
- Aircel
- Extravagant Purchases
Did You Know?- Chinnakannan Sivasankaran sought inspiration from Donald Trump's approach to financial setbacks when he filed for bankruptcy in 2018[1].- Sivasankaran's pending case in the Supreme Court is a crucial factor in his plans to recover his lost fortune[1].- He maintains a positive outlook, stressing that he’s "broke" rather than "poor," showcasing his determination to rebuild his wealth[1].
- In the wake of Aircel's bankruptcy in 2018, Sivasankaran found himself filing for bankruptcy.
- The telecom giant Aircel, co-founded by Sivasankaran, faced financial difficulties that ultimately led to its bankruptcy.
- Despite being known for his extravagant purchases, Sivasankaran has been forced to reconsider his spending habits due to the consequences of Aircel's bankruptcy.
- During his interview on The Ranveer Show, Sivasankaran spoke about his past purchases that showcased his lavish lifestyle, such as two private islands in the Seychelles and multiple residences around the world.
- Sivasankaran's current legal case in the Supreme Court plays a significant role in his plans to recover financial losses due to Aircel's bankruptcy.
