Chairman of Reliance Group of industries Mukesh Ambani addressed the stake holders of the group at the 40th annual general meeting on Friday, at Birla Matushri Sabhagar in Mumbai.

To mark the occasion of a successful 40 years term, Ambani launched the much awaited Jio phone; the feature loaded phone will hit the markets by August 15. Making a strong statement to other competitors in the market, Reliance has decided to launch the phone on an effective price of Rs 0, but the company will take a Rs 1500 refundable security deposit from the customers which will be refunded back in 3 years of time. The security deposit will help the company tackle excessive misuse of the product.

Apart from the ultra-loaded smart budget phone the company also announced budget 4G plans for its users. Mukesh Ambani didn’t held back this time and went on to narrate the story of Reliance’s expansion, in the meeting Ambani said “Revenues of the group have grown from Rs 70 crore in 1970 to Rs 3.3 lakh crore now”. “Rs 1000 invested in Reliance Industries in 1977 is Rs 16.5 lakhs now”.

The Billionaire also went on to dedicate the growth of the company to his late father Dhirubhai Ambani.

On the sensational growth reported by Jio after its launch last year, Ambani said Jio has stunned the world, adding 7 customers per second on an average. Jio today has more than 125 million customers and  Jio users make phone calls of more than 250 crore minutes every single day. Jio has made India the number one data consumer.

Talking about the much anticipated Jio phone, Ambani said it is a revolutionary phone and will transform the lives of feature phone users. “I am declaring digital freedom for all from coming 15th August”.  He went on to mention that the phone will be launched on an effective price of Rs 0.

100% of the security deposit of Rs 1500 will be returned back to the customers after 3 years.

The phone which will be available on first-come, first-serve basis and can be pre-booked from 24th August and will be physically available by September. Also all Jio phones by the end of year will be made in India.

Here are the features of the Jio phone:

Alpha numeric keypad

2.4 inch QVGA display

FM radio

Torch light

Headphone jack

SD card slot

Four way navigation system

Phone Contact

Call History

Jio Apps

 The phone is reported to come with 2.4 inch screen alongside 512 MB of RAM and will have an inbuilt memory of 4GB. The phone will also feature a 2 MP rear camera, with a 2000mAh battery. Voice calls will always be free for Jio users; additionally the customers will also get the Jio Dhan Dhana Dhan plan at a normal cost Rs 153, for unlimited calls and data for a month.

 Jio phone is aimed at bringing in Digital revolution and will make all 2G phones obsolete, they will also feature all Jio services like Jio Tv, Jio Movies, etc.