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The Economic Times
The Economic Times
Business
Akash Podishetti

Jio IPO: Akash Ambani says Rs 30,213 crore issue will push company towards net debt-free status

Akash Ambani Jio IPO Jio Platforms India Economy

Jio Platforms is moving towards becoming a net debt-free company as it prepares to use proceeds from its Rs 30,213 crore IPO to repay borrowings, Akash Ambani said on Thursday, outlining a key financial goal for Mukesh Ambani's telecom and digital services business ahead of India's biggest-ever public issue.

Ambani said the company was working towards eliminating its net debt as it prepares for its next phase of growth. "All our IPO proceeds go towards reducing our debt," he said, adding that Jio was "heading to be a net debt-free company."

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