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Reliance JioPhone 2, a successor to the current JioPhone, has been announced in India at a price of Rs 2,999.

He also announced that the company is launching Jio GigaFiber, Jio's fixed line broadband.

The fixed line broadband will offer "ultra high-definition entertainment on large screen TVs, multi-party video conferencing from your living room, voice-activated virtual assistants, virtual reality gaming, digital shopping, immersive experiences", he said.

Jio has already invested over Rs 250,000 crore for creating the state-of-the-art digital infrastructure to provide mobile and broadband connectivity across the country, with the largest fiber footprint, Ambani noted.

Mukesh Ambani-owned Reliance Jio has narrowed down subscriber lead with India's third-largest telco Idea Cellular, with 215 million consumers. The company is betting big on the optical fiber-based fixed broadband segment which is now dominated by BSNL, Bharti Airtel along with other smaller players.

According to Reliance Jio, the Jio GigaFiber service will be rolled out in 1100 cities across India, making it "the largest greenfield fixed-line broadband rollout anywhere in the world,".

The company also said it would launch JioPhone2 on August 15. Two AGMs ago was when it's disruptive telecom service Reliance Jio was officially launched.

The service will be called "Jio GigaFiber Service".

In a video demonstration, the company explained how Jio Phone 2's YouTube, Facebook and WhatsApp services will respond to a customer's voice. Ending the era of mbps, Jip Gigafiber will bring high-speed internet via FTTH network with seep up to 1gbps.

Reliance Retail, with a footfall of 350 million a year ago at its 7,500 stores is the largest, fastest growing and most profitable retail company in India, he said.

"We have more than 25 million JioPhone users in India", Ambani told shareholders at the 41 Annual General Meeting of RIL. Under this offer, buyers can exchange their old feature phone and pay just Rs 501 for the new JioPhone 2, effectively giving a discount of Rs 2,498 to buyers. 1,100 cities will offer most advanced fibre-based broadband connectivity solutions.

For its new commerce platform, the RIL will develop a synergy between Reliance Retail and Jio.

For smart home solutions, Jio will first set up a GigaRouter at your home.

Consumers can start registering for JioGigaFiber through both MyJio and Jio.com starting August 15. However, the Jio Phone platform does not have access to some of the most widely used apps in India.