Reliance Jio, owned by India' richest man Mukesh Ambani, has unveiled a new Wifi 4G Hotspot device.

Reliance Jio's new device - the JioFi 4G Hotspot - is now available at all Reliance stores with a price tag of $29 (Rs 1999). The JioFi 4G Hotspot device is much cheaper than its predecessor - the JioFi 2.

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As part of Reliance Jio's promotion, the JioFi 4G Hotspot device would offer unlimited 4G data until December 31. It comes with an OLED display and has a 2,300mAh battery which is expected to keep the device running for almost six hours. It supports LTE bands 2300/1800/850MHz and up to 10 4G-enabled devices and a USB.

"Sleek and light-weight device is to keep you connected on-the-go," Reliance Digital store wrote in the JioFi description section of its online retail platform. "The portable Wi-Fi hotspot can connect up to 10 Wi-Fi-enabled devices and 1 on USB."

Earlier this month, Reliance Jio Infocomm, a telecom subsidiary of Ambani-owned Reliance Industries, entered into India's telecom market with free calls and cheap internet data services. Reliance Jio offers the world's cheapest data usage plans with at Rs 50 (less than a dollar) per GB.

The new telecom firm aims to acquire 100 million customers in the "quickest time" possible.

"I can assure that we are not going to lose money. We are not looking to make a killing, but we are looking to make a high-teens return on our capital, which is 18-19 percent return on our capital, over the investment period," Ambani said.

Check out! New #JioFi #JioDigitalLife #Jio #Jio4G #JioFan #JioTariff pic.twitter.com/95mjasO6aF

— Raghvendra™ (@IamRaghvendraS) September 14, 2016