Reliance Comm aims to bring debt under Rs 20,000 crore in two years

Says will participate in spectrum auctions next year

Reliance Communications Ltd aims to bring its debt to under Rs 20,000 crore in the next 24 months, Chairman Anil Ambani told shareholders on Tuesday.

Reliance Communications, India's fourth-biggest mobile phone operator, is the most leveraged among publicly traded telecom carriers. The company had a debt of Rs 35,500 crore as of Aug. 14.

Ambani also said Reliance Communications, which has a market value of roughly $5 billion, would participate in spectrum auctions when they come up next year, to be able to launch fourth-generation (4G) telecommunications services in the country.