Reliance Communications to reduce debt to under Rs.20, 000 crore

Ambani also said the company would participate in the spectrum auctions due next year to be able to launch 4G (fourth generation) telecommunications services in the country.

Anil Ambani, Chairman of Reliance Anil Dhirubhai Ambani Group, speaks during the Annual General Meeting of Reliance Communications, in Mumbai on Tuesday.

Reliance Communications targets to bring its debt to under Rs.20,000 crore in the next 24 months, its chairman Anil Ambani told shareholders at the annual general meeting here Tuesday.

The company had a debt of Rs.35, 500 crore as of August 14.

Ambani also said the company would participate in the spectrum auctions due next year to be able to launch 4G (fourth generation) telecommunications services in the country.

Reliance Communications shares closed Rs.98.90 per share, down 0.80 percent in the Bombay Stock Exchange at 4 p.m. Tuesday.