Telecommunication firms Bharti Airtel Ltd. and Aircel Ltd. on May 27 launched the iPhone 4 in India- the world's fastest-growing mobile phone market.

Aircel is offering the 16GB iPhone 4 for Rs. 34,500 ($763) and 32GB model for Rs. 40,900. However, prices may be different in some states due to local taxes on handsets

Aircel also announced that users would be able to recover the upfront cost of the smartphone in monthly credits in their subscription accounts over 24 months.

The iPhone 4 comes equipped with Apple’s A4 processor, retina display, Facetime for video chat, a 5-megapixel rear-facing camera with LED flash. It is capable of recording HD video.

India's leading mobile phone operator Bharti Airtel is also offering the fourth-generation iPhone under similar schemes and price ranges.

While Aircel, with 56 million users, is a comparatively new and growing mobile phone operator in India, Bharti Airtel is a well-established firm with more than 164 million subscribers.

With over 811 million subscribers, India is the world's second-largest market for mobile phones, after China.