21 October,2026 09:35 AM IST | New Delhi | mid-day online correspondent
Akash Ambani. File picture
Jio Platforms Managing Director Akash Ambani on Tuesday outlined technology, artificial intelligence and cloud ambitions as the growth drivers beyond telecom, while pitching the digital services arm of Reliance Industries as a technology company, according to news agency PTI.
"There is no either-or at Jio: the network is our technology," Ambani told PTI.
Pointed out the company's in-house 5G core, cloud-native radio access network and software platform serving 533.3 million customers, he said, "Connectivity was the first product we built on that platform. Digital services, AI and cloud are what we are layering on top of it now."
Ambani stated that Jio sees significant growth potential in mobile services, home broadband and enterprise digital solutions, noting that approximately 260 million Indians continue to rely on 2G services, while fixed broadband is available in only around 21 per cent of households across the country.
He added that Jio contributed 67.56 per cent of India's net fixed-broadband additions in FY26, while digital-services adoption among the over 7.9 crore micro, small and medium enterprises (MSMEs) remains below 3 per cent in the country.
"We build for more customers, deeper engagement and more services per customer," Ambani said, noting that Jio users already consume an average of 43.7 GB of data a month.
"Tariffs are one part of a much bigger story," he said.
Jio Platforms has also identified satellite connectivity and next-generation 6G technology as future areas of development. Its long-term goal is to enable the transition to 6G primarily through software upgrades, rather than requiring a complete network overhaul, by leveraging its existing cloud-native infrastructure. Besides is also seeking to expand its technology business outside India through partnerships with local operators.
Ambani said the company was evaluating an indigenous satellite constellation and ground-station network, alongside partnerships with global satellite providers, particularly to connect remote areas, according to PTI.
With 7,220 patent applications and its place among the top 20 companies in the World Intellectual Property Organization's global Patent Cooperation Treaty rankings in 2025, Jio Platforms is positioning its technology credentials as a differentiator.
He said around 45 per cent of Jio's full-time workforce, or 12,477 employees, work in digital products and technology development.
Jio Platforms will launch its initial public offering (IPO) on October 21 and plans to raise Rs 30,213 crore through the public issue, valuing the business at around USD 108 billion. The proceeds will be used to repay or prepay borrowings at Reliance Jio Infocomm, its telecom subsidiary.
While stating that Jio's net debt-to-EBITDA ratio declined to 0.36 times in FY26 from 0.88 times in FY24, Ambani said the offering would provide greater financial flexibility for investment in 5G, broadband, AI, cloud and enterprise services.
The issue comprises 27 crore new shares, equivalent to about 3 per cent of its existing capital, and does not include an offer-for-sale component. Jio Platforms has set a price band of Rs 1,065 to Rs 1,119 per share for its IPO. At the higher end of the price band, it will raise over Rs 30,200 crore, making it the largest public issue in the country. Hyundai Motor India's Rs 27,870-crore IPO in 2024 is the largest issue in India, so far.
To broaden the participation, the issue also includes two reserved portions up to Rs 500 crore for eligible Jio Platforms employees and up to Rs 2,500 crore for eligible Reliance shareholders. Eligible employees bidding in the employee reservation portion will get a discount of Rs 54 per share.
The eligible Reliance shareholders are individuals and Hindu undivided families (HUFs) who hold Reliance shares as of October 14. At least 35 per cent of the net offer is available to retail individual investors.
"My grandfather, Dhirubhai Ambani, was the one who started the equity culture in India," Ambani said. He added that the offer structure was intended to allow families associated with Reliance for generations to participate directly.
The company has witnessed a strong institutional demand for the IPO, with bids for the anchor allocation exceeding Rs 2.5 lakh crore, more than 30 times the amount available. The company had allotted shares worth about Rs 8,110 crore to 212 anchor investors at Rs 1,119 apiece, the upper end of its price band.
Reliance Industries owns 66.43 per cent of Jio Platforms. Meta Platforms affiliate Jaadhu Holdings holds 9.98 per cent, while Google International owns 7.73 per cent. Ambani said the Jio's global technology investors, including Google and Meta, are also expected to play a role in its next phase of expansion.
"Both are working partnerships, not just shareholdings," he said.
However, he declined to disclose specific revenue contributions from the collaborations. He said their value was embedded in Jio's consumer plans and enterprise offerings.
Ambani stated that the company is offering Google's AI Pro plan free of charge for 18 months for its users. Meanwhile, Reliance Enterprise Intelligence, a joint venture between Reliance Intelligence and Meta, aims to bring enterprise AI solutions to businesses across India.
(With inputs from PTI)
