The made-for-India smartphone, jointly designed by the two companies, will be available at an entry price of only Rs 1,999 and "the rest paid via easy EMI over 18 or 24 months".
The affordable smartphone can also be purchased upfront without financing for only Rs 6,499.
The smartphone will be available across the country at Reliance Retail's extensive network of JioMart Digital retail locations.
"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 pandemic," Reliance Industries Chairman & Managing Director, Mukesh D. Ambani, said.
"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."
Google and Alphabet CEO Sundar Pichai said: "The 'JioPhone Next' is an affordable smartphone designed for India, inspired by the belief that everyone in India should benefit from the opportunities the internet creates."
"To build it, our teams had to work together to solve complex engineering and design challenges, and I'm excited to see how millions of people will use these devices to better their lives and communities."