Reliance Communications has announced plans to slash over 150 billion rupees ($2.42 billion) from its debt burden over the next two years.
The operator aims to reduce its debt from over 350 billion rupees to below 200 billion rupees in the next 24 months, the Economic Timesreported, quoting Reliance group chairman Anil Ambani.
RCom's major investments are behind it, and the company will be able to operate on 10 billion to 15 billion rupees in capex per year for sustainable maintenance, he said.
Ambani also revealed that RCom plans to take part in 4G auctions next year and be in a position to launch 4G services that same year.
RCom has been making moves to tackle its debt burden for some time. In July, the company announced it will cut its headcount by around 6,000 by outsourcing its call center and shared services operations, as part of its cost-cutting efforts.
The company has estimated that outsourcing the functions will allow it to save nearly 2 billion rupees in annual salary costs alone.
The operator also recently completed a 60 billion rupee placement in another debt reduction effort.