Lanka Bell to stop ringing
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Lanka Bell, a fixed wireless operator struggling to find investors for over half a decade, is on the brink of winding up, top officials confirmed. The company's only asset now is the cable network which cost US$50 billion at the inception when it was formed, they added.
The competition has surpassed them, and the company is struggling with its financials, they said. Clients have reported that their requests for service have not been met, pointing to the likely possibility that the company is winding up operations.
Some customers said the fixed line operations of the company are causing them issues and when contacted the company has not been able to give proper solutions.
In fact, one of the group company clients had also faced a similar situation where his fixed line was not restored.
Customers have reported various issues with the company's fixed-line operations and have received inadequate solutions when contacting the company. A Bell 4G router customer was even offered a discount to switch to another telecom operator, indicating that Lanka Bell's services may be going under.
Lanka Bell was formed in 1997 as the single largest BOI company in Sri Lanka with an investment of over $150 million. It was subsequently acquired by Milford Holdings (Pvt) Ltd in 2005. The company first launched the service in February 2014 on the bands of 2300 MHz, initially in parts of Colombo before providing wider coverage for the entire Western Province the same year.
Lanka Bell has attempted multiple times to merge or be taken over by other mobile telecom operators but with no success. Lanka Bell had approached many other mobile telecom operators for a merger and/ or a takeover at times but the discussions have not materialised, a group company official said. Industry officials said that they are aware the company is for sale. "It was always in the market for the longest time. At least two mobile operators had looked at it but decided otherwise," an official from a top mobile company said.
Lanka Bell presently serves the Enterprise, BPO, Operator, SME, and Residential markets with internet solutions that range from broadband to high-speed internet leased lines, with bandwidth ranging from a few megabits to Gigabit levels.
A human resource manager from a top mobile operator told the Business Times that whenever his company advertises for a vacancy, they receive many applications from Lanka Bell employees.
The Business Times was not able to contact company officials.