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Tikona To Shut Down Operations In 13 Cities

Tikona Digital Networks has shut down operations in 13 of 38 cities with an intent to consolidate coverage, reports The Economic Times. The company plans to expand its coverage and capacity in the top six metros and 19 Tier-I cities. The report also states that there's a possibility of a stake sale in the company, however, Tikona has denied these claims. Apart from that, the company has uprooted its entire network from the cities it has exited, so that it can re-use the equipment elsewhere. Tikona employees also reportedly suffered from salary cuts, however, Tikona has denied this claim. The company claims that its consolidation strategy had a significant impact on its EBITDA (earnings before interest, tax, depreciation and amortisation). The company also claims that it is on the path of achieving breakeven after just four years of commercial operations.…

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