In just five years, Xiaomi has worked its way up to find a spot among the tentpole smartphone manufacturers. The Chinese technology conglomerate has managed to pull it off by strictly sticking to two strategies. First up, sell good, durable product with best-in-line specs possible at a ridiculously cheap price point. Second, slash their price even further after a few months.

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This is the season when Xiaomi’s latter strategy is in its full swing. The company which recently slashed the retail price of its flagship Xiaomi Mi 4 smartphone, is all set to slash the price of its mid-range sleeper hit Redmi 2.

In a tweet, the company teases its plan to reduce the price of the Redmi 2 by Rs 1,000. The price cut will adjust the retail price of the phone to Rs 5,999, which makes the dirt-cheap rocker even more enticing.

For a refresh, the Redmi 2 sports a 4.7-inch HD (1,280 x 720 pixels) IPS display with AGC Dragontrail Glass protection. It is powered by a 64-bit capable Qualcomm’s Snapdragon 410 quad-core chipset clocked at 1.2 GHz. It comes coupled with 1GB RAM and 8GB internal storage, which can be further expanded up to 32GB using a microSD card should you need more storage.

Other features of the dual-SIM capable smartphone which supports 4G LTE include an 8-megapixel snapper with LED flash at the back and a 2-megapixel snapper placed upfront. The phone runs Android 4.4-based MIUI 6 ROM. It comes with a 2,200-mah battery.

While the company hasn’t mentioned any such thing, it seems logical that it may have plans to bring the Redmi 2 smartphone with 2GB RAM in India and sell it for Rs 6,999. We will know more on July 7th when the company will make things official.

Update: Xiaomi confirms the price drop, but no mention of the Upgraded Version

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Manish is pursuing a degree in Computer Science and Engineering but spends more time in writing about technology. He has written for a number of Indian and international publications including BetaNews, BGR India, WinBeta, MakeTechEasier, MediaNama, and Digit magazine among others. When not writing, you would find him ranting about the state of digital journalism on Twitter.