While the security deposit of Rs 1,500 will be refundable after a period of three years, it is annuity payments for the use of data that Reliance Jio seems to be betting on for the company's future revenue growth. Jio Services like JioTV and JioMovies will be available. The telecom giant has reportedly approached creators to pitch their apps for the platform, Gadgets 360 reported.
Reliance Communications chief Mukesh Ambani said, "Reliance has grown from a small startup to one of the largest, most admired companies. Retail business also witnessed accelerated growth momentum with year-on-year revenue growth of 74 per cent", said Ambani, Chairman and Managing Director, RIL.
India has overtaken USA and China in mobile data usage, Ambani said.
Indian shares rose on Friday, with Reliance Industries Ltd climbing as much as 3.9 percent to a more than 9-1/2-year high after posting strong quarterly results and announcing a low-priced, 4G-enabled phone.
Users can even listen to Prime Minister Modi's podcast Mann ki Baat on the Jio feature phone. The phone supports all the Indian 22 languages.
Since its arrival last September, Jio has gathered a user base of 125 million, squeezing revenues and profits of incumbent rivals.
Reliance will buy 2.52 crore shares of Balaji at Rs 164 apiece, it said in a stock-exchange filing. Mukesh Ambani said that voice calls will always be free for Jio Phone users. The phone, however, will be available for testing in beta from August 15.
This is how Jio will end the digital exclusion in India. The JioPhone is tailor made to suit the Indian consumers and is expected to offer connectivity for almost 78 crore feature phone users in India. Each OCPS shall be either redeemed at ₹50 or converted into 5 equity shares of ₹10 each at any time at the option of the company, but not later than 10 years from the date of allotment.