Star Sports 3 was never shut down, Star rebranded it as Hindi Sports Channel. They launched SS2 alongwith it promising it to be dedicated to football action but soon cricket took over its programming too. Now again similar fate will be met with new version of Star Sports 3.
Also there is no need to launch regional sports channels except in specific markets where there is large traction for more sport rights currently held with Star India. Few important events can be adjusted on other regional channels of their network present in that region or thru a temporary tie up basis with other networks, they can have localized pre/post shows, regional language graphics, ads etc. on it. What's the point of launching new channels and showing cricket highlights all day long which hardly get viewership, it's like having 4 movie channels with almost same content. Also why has Star India kept Bundesliga, Premier League TV rights with it if it isn't interested in showing them on their channels, they are telling us to take HotStar subscription to watch matches while on Select 1 or 2 they are airing only few football matches on weekends or again cricket, hockey etc.