ET Exclusive: Jio wants satellite broadband that connects 'every Indian home,' says Akash Ambani

Jio Platforms has priced its IPO with market uncertainty in mind, while leaving room for investors to benefit, Akash Ambani, managing director, Jio Platforms said as the company debuts on the Indian bourses on October 21.

Proceeds from the IPO will help Jio move towards net debt-free status and strengthen its balance sheet, Ambani told ET’s Himanshi Lohchab in an email interview.

Also Read: Akash Ambani charts Jio’s next phase of growth with satellites, 6G and AI


On satellite connectivity, Jio is evaluating a sovereign low Earth orbit satellite constellation, building ground infrastructure and exploring global partnerships, he said, although launch dates and tariffs have yet to be finalised. He also highlighted opportunities to monetise Jio’s 5G technology overseas and grow revenue through wider adoption of digital services. Edited excerpts:

The IPO is a fresh issue but Jio has over 13 institutional investors. Do they plan to sell or remain invested post IPO or maybe increase stake? If yes, which ones?

The IPO is entirely a fresh issue, with no offer for sale. None of our existing investors is selling shares through this offering, and the proceeds will go directly to the company. Pre-issue shareholdings other than the Promoters carry a six-month lock-in from allotment under the SEBI ICDR Regulations. All our investors remain excited about the Company’s future path. Beyond that, it would not be right for me to speak on behalf of our investors.

Indian markets have been volatile lately. How did that impact Jio pricing its issue?

Market conditions are without doubt an important consideration in pricing any issue. Our approach, however, is guided by Jio’s fundamentals and the opportunity to build a lasting relationship with incoming shareholders.

True to the Reliance philosophy, we believe in leaving enough on the table for investors who wish to participate in the company’s long-term growth. That thinking guided our approach to the price band.

With Jio getting listed, what are the financial or operating targets that you have set over the next 2-3 years?

Our focus remains on consistently growing our customer base and engagement, improving monetisation, maintaining healthy margins, and generating strong cash flows. We will also continue strengthening our balance sheet and technology capabilities.

Over the past three years, our revenue grew at a compound annual growth rate of about 15.8%, while EBITDA grew at about 17.8%. The proceeds from the IPO will enable us to progress towards a net-debt free status and add strength and flexibility to our operations. As a listed company, we will report our performance transparently, giving shareholders a clear basis to assess our progress.

What will be core levers for ARPU growth? How do you plan to monetise 5G? Have you set any ARPU targets like Rs 300 - Rs 350 to achieve meaningful ROI?

Our approach has always been to grow revenue by delivering greater value to customers, while keeping affordability and inclusion central to our offerings. ARPU follows value: the more Jio does for a customer, the more that relationship is worth. Affordability and inclusion stay at the centre of how we get there.

The core levers are deeper customer engagement and wider adoption of services across entertainment, cloud, productivity, AI, and enterprise solutions. We see considerable scope to offer customers more useful services over the connectivity they already use and trust.

Also Read: Jio IPO priced accessibly, proceeds to help clear $3 billion net debt: Isha & Akash Ambani

The opportunity to monetise 5G extends beyond faster mobile internet. Home broadband, dedicated connectivity for enterprises, and managed digital solutions can all build on our network investments. As adoption grows, better utilisation of that infrastructure, together with technology-led efficiencies, can support stronger returns. Our priority is sustainable growth supported by customer value.

The industry has said telecom tariff structure needs repair and unlimited offerings should end. What is Jio’s view?

We respect that different operators may have different views on tariff structures. Each company must decide its offerings in line with its strategy and the needs of its customers.

For Jio, affordability and mass adoption remain fundamental. Affordable connectivity has encouraged hundreds of millions of Indians to embrace digital services, and we believe there is considerable scope to deepen that adoption.

The industry must continue investing in capacity, technology, and service quality. Our approach is to support that investment through customer growth, greater engagement, useful new services, and operational efficiencies. Any changes to our offerings will be guided by our understanding of evolving customer needs and our commitment to delivering greater value.

For overseas 5G technology expansion, have you signed any customers? Which geographies are you targeting?

India is our proving ground: the stack we would take abroad was built here and runs here for 53 crore customers. We are now in active discussions to monetising our technology stack outside India.

We see opportunities in both developed and developing markets. We will selectively focus on partnerships where our technology and operating experience can create lasting value for both sides. That stack spans cloud-native RAN, 5G core, OSS/BSS platforms, UBR-based fixed wireless and AI-driven network automation. Our initial focus is markets that need network upgrades, a 5G rollout or FWA-led fixed broadband, working through local operators, managed-services arrangements and, where it fits, greenfield deployments.

Our choice of partners will depend on the market opportunity, their requirements, and the scope for meaningful collaboration.

Jio’s capex cycle has moderated. When should we expect capex to pick up?

The moderation reflects the substantial investments we have already made, particularly in rolling out 5G. We now have a strong foundation on which to grow.

Our investment priorities continue to include mobility, home broadband, enterprise, and technology. The pace of capex will follow customer demand, capacity requirements, and the opportunities we pursue.

Our internal cash flows comfortably support our current growth requirements, while a stronger balance sheet gives us the flexibility to invest as new opportunities develop.

On Satcom, what progress have you made on building a sovereign satcom constellation? What is your timeline and when can it be commercially ready?

Jio Vision is to enable Digital Life for every Indian by connecting everything everywhere at the highest quality and most affordable price. While Telecom connectivity is ubiquitous in India with 99% population coverage, there are some use cases for satellite for maritime, aviation and some of the remotest regions.

We are evaluating the possibility of developing a sovereign Low Earth Orbit satellite constellation for India. At the same time, we are building ground station infrastructure in the country. We are also evaluating partnerships with leading global constellation providers to bring services there sooner. Over the long term, the opportunity is to create an indigenous satellite connectivity capability for India.

This is also closely aligned with Jio’s larger mission. We want to connect every Indian home, every Indian citizen and every Indian enterprise with high-quality and affordable digital services. We have not announced a commercial launch date; that depends on approvals, technology and deployment readiness, and we will share milestones as plans firm up.

Do you think Jio can make satcom affordable for India and at what price point?

Making technology affordable and accessible has been central to Jio’s journey, and that philosophy extends to satellite connectivity as well. Our experience has shown how innovation and scale can bring services within the reach of more people.

I firmly believe that satellite broadband must meet real needs, particularly in remote and hard-to-reach areas, while complementing terrestrial networks. Our partnerships and plans for sovereign capability are intended to support that objective.

It would be premature to indicate a price point. We will share tariff details as our plans and the necessary approvals progress. However, our focus will be on delivering reliable connectivity and compelling value.