Reliance launches 4G enabled low-cost phone

Mumbai: Reliance Industries launched a low-cost phone with 4G-enabled features on Friday in a bid to woo tens of millions of low-income users to its upstart telecoms venture Jio`s service.

The handset, named JioPhone, will "effectively cost zero" as buyers will be able to get the device for a one-time refundable security deposit of 1,500 rupees ($23.32), Reliance chairman, billionaire Mukesh Ambani, said, announcing the launch at the petrochemicals-to-retail conglomerate`s annual general meeting (AGM).

The launch was widely anticipated as Ambani, India`s richest man, uses the company`s annual meeting to make key launch announcements that have in the past disrupted sectors.