Reliance AGM: Ambani rattles telcos again by unveiling free 4G handset

India's disruptive new telecom entrant Reliance Jio, backed by the country's richest man Mukesh Ambani, unveiled a low-cost 4G-enabled phone on Friday to woo tens of millions of new clients, further destabilising legacy telecom players.
 
Jio has enjoyed a meteoric rise since its launch a year ago, with its months of free services and sharply discounted plans battering the fortunes of incumbent telecom players in India such as Bharti Airtel and Idea Cellular, who have seen revenues and profits shrink dramatically.
 
Despite Jio's rapid rise, funded by mega profits churned out of parent Reliance Industries' core petrochemicals unit,