Speaking at the company’s annual shareholders’ meeting in Mumbai, Ambani also said its deal with Reliance Jio Infocomm Ltd, a new telecoms venture of his brother, to jointly offer 4G services was like a “virtual merger” between the two companies and would help Reliance Communications cut costs.

Reliance Communications, India’s fourth-biggest mobile phone carrier by subscribers, has a net debt of Rs.42,000 crore, or more than five times its annual earnings before interest, tax, depreciation and amortisation (Ebitda). The heavy debt load has weighed on its stock, which has lost nearly 95% of its value since hitting a high in 2008.

“My target is we will see a debt reduction by more than 75 percent of existing debt in a year’s time,” billionaire Ambani told shareholders.

Reliance Communications is merging its wireless business with smaller rival Aircel and has said the deal will cut its debt by Rs.20,000 crore as it transfers part of the debt to the new venture.

The company, which is also looking to sell its mobile towers business to cut debt, has said it expected a deal for that by October. Ambani on Tuesday said the company would “shortly” announce a deal, without giving details.

But Moody’s Investors Service this month placed Reliance’s “Ba3” rating under review for a downgrade, saying debt levels would remain above its comfort even after the Aircel merger while citing uncertainty behind the closure of the tower sale.