Grappling with mountain of debt, Reliance Communications today said it is planning to pare the Rs 426.50 billion burden by up to 75 per cent over the next one year.
Addressing the shareholders, company Chairman Anil Ambani said, "The target is to reduce debt by 75 per cent within a year and once the ongoing merger processes of MTS and Aircel with RCom are complete, it will help reduce debt by Rs 200 billion."
Describing the three-way merger as the largest ever consolidation in the domestic telecom industry, he said this will create a formidable operator with the second largest holder of spectrum aggregating 448 MHz across the 850, 900, 1,800 and 2,100 MHz bands.
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