(Refiles to add Ambani's first name in second paragraph)
MUMBAI, Sept 4 Reliance Communications Ltd
, India's second-biggest telecoms carrier by customers,
will next year explore options to reduce its debt, including the
possible sale of a stake in its mobile tower arm, its
billionaire chairman said.
The company will also again attempt to list its undersea
cable arm in Singapore when market conditions improve, Anil
Ambani, India's seventh-richest man according to Forbes, told
shareholders at the company's annual general meeting on Tuesday.
With a net debt of $6.4 billion as of June, Reliance
Communications has so far been unsuccessful in its efforts to
raise funds through asset sales.
A planned sale of its telecoms tower unit has dragged on for
nearly two years, while the company shelved a Singapore initial
public offering of its undersea cable unit in July due to weak
Reliance Communications said in May that talks on the sale
of its tower arm were awaiting clarity in rules in India's
troubled telecoms sector.
Reliance Communications shares have barely moved after
hitting a record low last week. The stock is down 31 percent on
the year and has lost about 40 percent since its last annual
(Reporting by Aradhana Aravindan; Writing by Devidutta
Tripathy; Editing by Ryan Woo)