Akash Ambani launches iPhone 8, 8 plus with buyback, RIL shares rise

Akash Ambani, son of Reliance Industries Chairman Mukesh Ambani, launched the new Apple devices - iPhone 8 and 8 Plus today in the telco’s headquarters in Navi Mumbai.

Following the announcement, the Reliance stock rose 0.85 per cent to hit a high of Rs 793.5 on BSE.

Mukesh Ambani and Apple Chief Executive Tim Cook addressed via video messages.

"This partnership between Apple and Jio brings two companies… that have revolutionised their respective industries… because we both think customer first," said Akah Ambani, who is on the board of new telecom entrant Reliance Jio Infocomm.

Witness the launch of iPhone 8 on Jio - The world’s largest data network. #iPhone8OnJio https://t.co/z1JAkgp7dK

— Reliance Jio (@reliancejio) September 29, 2017

Akash also announced that the Jio TV app on the iPhone will have over 400 TV channels, reports ET.

Apple will start selling the iPhone 8 series on September 29, while the iPhone X will be available from November 3, about two weeks after Diwali, when festive season sales typically peak. Apple’s tenth-anniversary edition of the iPhone, the series X, will be available at a starting price of Rs 89,000 from November 3, along with China and the US.

Also Read: Apple, Reliance Jio and Amazon join hands, offer buybacks for iPhone 8, 8 plus & X

To avail the buyback offer, customers buying these new iPhones from Reliance Digital – or from e-commerce major Amazon - will have to get themselves enrolled for an iPhone upgrade after 12 months, then Reliance Digital or Amazon will return 70% of the cost and adjust the price in the new iPhone when it comes in 2018, effectively giving consumers a discount.

Further, the conditions are that customer will have to continue to use Jio connection, spend Rs 799 each month, and to have the phone exchanged from Reliance Digital, or Amazon, only. Existing Jio users can also avail this offer by changing their calling plan.

In addition, customers will get Rs 10,000 cashback on the day of the launch, when they use a Citibank Credit Card to purchase the phone.

Under the new iPhone plan, Jio is offering 90 GB of data per month. The plan can be availed by both prepaid and postpaid customers.

Both these new phones will be available in India on various e-commerce websites such as Amazon, Flipkart, Infibeam or Jio.com with lucrative offers.

Also Read: Price and release date in India: Why iPhone X is Apple’s best phone ever

The starting price of these phones is Rs 64,000. Apple has announced that the 64GB and 256GB variant of iPhone 8 will cost Rs 64,000 and Rs 77,000, respectively. Similarly, version 8 Plus 64GB is priced at Rs 73,000, while the 256GB variant will cost you Rs 86,000.

Apple