RIL's Jio Platforms to release JioPhone Next on Diwali

Jio Platforms (Jio), a majority-owned subsidiary of Reliance Industries, along with Google announced the release of JioPhone Next, designed jointly by the two companies, to be available in stores from Diwali (i.e. Thursday, 4 November 2021).

As per the company's press statement, JioPhone Next be the most affordable smartphone with an entry price of Rs 1,999 and while the rest is to be paid via easy EMI over 18 to 24 months. JioPhone Next will be available across the country at Reliance Retail's (RRVL) network of JioMart Digital retail locations. JioMart Digital's network of more than 30,000 retail partners to make it geographically accessible to everyone in India and provide the JioPhone Next with paperless digital financing option.

RRVL is a subsidiary of Reliance Industries and the holding company of all the retail companies within the group. RRVL reported a consolidated turnover of Rs 1,57,629 crore (i.e. $21.6 billion) and net profit of Rs 5,481 crore (i.e. $750 million) for the year ended 31 March 2021.

Mukesh D Ambani, the chairman and managing director (MD) of Reliance Industries, said: "I am delighted that Google and Jio teams have succeeded in bringing this breakthrough device to Indian consumers in time for the festival season, inspite of the current global supply chain challenges caused by the COVID-19 pandemic. I have always been a firm believer in the power of the Digital Revolution to enrich, enable and empower the lives of 1.35 billion Indians. We have done it in the past with connectivity. Now we are enabling it again with a smartphone device."

On a consolidated basis, Reliance Industries (RIL) reported 46% increase in net profit to Rs 15,479 crore on 50.7% rise in net sales to Rs 1,67,611 crore in Q2 September 2021 over Q2 September 2020.

Shares of Reliance Industries (RIL) declined 2.38% to close at Rs 2,537.60 on Friday, 29 October 2021. RIL is the largest private sector corporation in India. Its activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and digital services.

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