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Last updateTue, 17 Mar 2015 2pm

#OBI: Former Apple CEO launches low-cost Smartphone in India

The former Chief Executive of Apple has launched a new, low-cost smartphone in India to counter what he called the "overpriced" iPhone.

Sculley, who was CEO at Apple from 1983 to 1993 and who famously forced Steve Jobs out of the company, said his new 'Obi' phone will lure consumers away from established brands and compete with local manufacturers such as Micromax and Karbonn.

The phone will be priced between Rs 6000 - Rs 8000 (£60 - £80).  Sculley will invest some $20 million in the venture through Inflexionpoint, his Singapore-based technology investment firm.

Reports say that Sculley hopes to achieve revenues of $1 billion a year by tapping into India's burgeoning smartphone market.

That market is growing at nearly 200 percent annually with Samsung's S series dominating the market. 

Apple on the other hand have lagged behind their international rivals.

"I am very bullish on India and will continue to invest here," Sculley told CNN IBN.

The first Obi handsets are set to hit the market as early as next month.

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