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Telecom companies have suffered Rs 300 crore loss on Chennai floods

Telecom operators have suffered around Rs 300 crore of losses on account of unprecedented rainfall in Chennai and its surrounding areas.

Rajan Mathews, director general of the GSM industry lobby body said that “Out of the Rs 300 crore losses estimated by Cellular Operators Association of India (COAI), Rs 100 crore is on account of network restoration and Rs 200 crore on account of revenue losses over the past seven days”.

Nokia and Huawei who are global network vendors and are having a large manufacturing presence near Chennai, have been hit hard by the floods.

According to Nokia it had been compelled “to temporarily stop production at its factory” in Chennai’s outskirts over the past couple of days to “prioritise safety of its employees and equipment”.

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