Videocon Telecom, the subsidiary of Videocon group, will close down their services in the entire Punjab state with effect from February 15, 2017. The company released a public statement on their official website.
In the same statement, the company is asking the consumers of Videocon Telecom in the area of Punjab to either exhaust the remaining balances in their respective accounts for prepaid users and postpaid customers are requested to clear the balance dues before February 15.
At the same time, they are urging the customers to make a move from the network at the earliest by porting their number via MNP service to any network of their liking. Also, the mobile number porting should be done before the given deadline, and after that, the customer won’t be able to access the number, and it won’t be eligible for porting as well.
Videocon Telecom might have taken this decision to bail out themselves from incurring more losses. The company was consistently hit with an enormous amount of losses in the same period in both 2016 and 2015.
Although the company showed some improvement in the losses in the first quarter of 2016 when compared to 2015, it might have gotten worse this year, and as a result, they are shutting the complete operators in the entire Punjab region.
It is worth noticing that the Videocon Telecom services in the area of Punjab are being managed by its subsidiary, Quadrant Televentures LTD. Also, there were several rumors saying that Videocon is looking to exit the telecom sector and in May 2016, Bharti Airtel announced that they had acquired two of Videocon’s 5MHz spectrum in the 1800MHz band in six circles of the country to counterattack Reliance Jio.