Reliance Communications hopes to be able to shake off its $7 billion debt burden within three years, according to its chairman.
Speaking to investors, chairman Anil Ambani said the company planned to remove its estimated 330 billion rupee ($7.38 billion) worth of debt through a combination of strategic and financial initiatives, the Business Standard said.
He said the company is meeting strong interest in its plans to sell a 26% stake as an equity raising method.
Etisalat has long been reported in being interested in acquiring such a stake, but the company just made a bid http://www.telecomasia.net/content/etisalat-makes-tilt-zain of up to $12 billion to acquire a controlling stake in Kuwait's Zain.
RCom's debt burden is expected to be the reason behind the collapse of the $9 billion merger between its tower arm and GTL Infrastructure.
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