India's richest man Mukesh Ambani on Friday launched what he called an 'effectively free' 4G-enabled feature phone handset during the Reliance Industries Ltd's (RIL) 40th annual general meeting (AGM) in Mumbai. The company has christened the handset 'Jio Phone'.
'The Jio Phone would be available for an effective price Rs 0,' Mukesh Ambani, Chairman, RIL said. Customers would be required to pay a refundable security deposit of Rs 1,500 for three years, 'for security reasons', the company said.
Voice and data both will come free with an affordable monthly plan of Rs 153, Jio announced. 'At a plan Rs 153 a month, it is only 3 per cent of the existing price putting an end to unaffordable data for all Indians forever,' Ambani said.
The company will also offer similar features for a weekly plan for Rs 54, and a two-day plan of Rs 24.
'On the Jio Phone voice will always be free, second, the 50 crore feature phone users don't even have access to basic internet. I believe today every young Indian should have access to information at his fingertips and that is what the Jio Phone enables. To enable a digital life all need access to data at affordable rates. So starting August 15 this year I am declaring digital freedom for all feature phone users. Jio will give them access to unlimited data on the Jio phone,' India's richest man announced to a thundering applause from shareholders present at the event..