Mumbai: 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 on Tuesday.

The company had a debt of Rs.35,500 crore as of Aug 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. on Tuesday.