Asim Warsi, vice-president of mobile and IT division of Samsung India, said, "The phone will be available at a price of around Rs 39,990 but the MRP (maximum retail price) of Galaxy Alpha is Rs 42,000. Handsets tend not to sell at MRP, they settle at a market operating price."

Warsi said the South Korean electronics giant is also planning to come up with other 4G compatible smartphones in India soon, which will be in sub Rs 40,000 category as well.

"We will make them available at various compelling price points. It will be both above and below Rs 40,000 coming in soon in 4G," he told reporters on the sidelines of the event.

The company has also tied up nationally with telecom service provider Bharti Airtel for this product. Bharti Airtel has launched its 4G services in Kolkata, Pune, Bangalore and Chandigarh.

Galaxy Alpha with a display of 4.7 inches has 12 mega pixel rear camera and 2.1 mega pixel front camera, 32 GB internal memory and 2 GB RAM. Some other features of the phone are finger print scanner and heart rate monitor.