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".

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