Benzinga | Oct 29, 2021 02:44PM EDT

Reliance, Google Announce Budget 4G Smartphone Launch This Festive Season

* Reliance Industries aims to launch its budget 4G smartphone, jointly developed by the Indian group's Jio telecoms venture and Alphabet Inc's (NASDAQ:GOOG) (NASDAQ:GOOGL) Google during the Indian festive season of Diwali for 6,499 ($87).

* The smartphone will cost 1,999 upfront with installment facilities for the remaining.

* The smartphone comes with a tweaked Android operating system named 'Pragati,' which means progress in Hindi. It targets first-time smartphone buyers with features like quick translations in 10 Indian languages and a voice assistant.

* The smartphone poses a risk for Xiaomi Corp (OTC: XIACF) (OTC: XIACY) and BBK Electronics, owned Realme, Oppo, and Vivo brands dominating the $2 billion market for sub-$100 smartphones in India, Reuters reports.

* Jio also aims to use the phone to win 2G users from Vodafone Group PLC (NASDAQ: VOD) and Bharti Airtel.

* Price Action: GOOG shares traded higher by 0.93% at $2,949.87 on the last check Friday.