Chinese tech giant, Xiaomi Corp. has officially released its highly-anticipated Redmi Note 2 at an event in Beijing on Thursday, Aug. 13. The much-rumored device will run on MediaTek's sophisticated processor, Helio X10. Alongside the Redmi Note 2, the company has also released its "Prime" version of the 5.5-inch phablet with 32 GB internal storage.

IB Times reports that aside from the handsets, Xiaomi also unveiled MIUI 7, the most recent version of its Android skin, the smartphone user interface that runs on top of the stock Android operating system.

According to the report, the Helio X10 comes with a processor having eight cores clocked at 2.2GHz.

The remaining specifications of Redmi 2 includes a 1080p display, 2 GB RAM, 13-megapixel primary rear camera alongside a 5-megapixel snapper for selfies. The handset is equipped with an impressive 3020mAh battery unit. Redmi 2 will run on the latest MIUI 7 software out of the box.

If anything, Xiaomi has increased the stakes with the pricing of its latest "monster," as it called the phone on its official online forum for MIUI.

Xiaomi Redmi Note2 Price

Meanwhile, the 32GB "Prime" version will cost 999 yuan (roughly $160) in China, while the regular Redmi Note 2 with 16 GB internal storage will have two retail prices - 799 yuan or 899 yuan, with the economical version incorporating support for TD-SCDMA, an older wireless technology that is explicit to China.

Meanwhile, Xiaomi has announced that it will announce the international price of Redmi 2 next week, when the company will be demonstrating the global version of MIUI 7 at an event in New Delhi on Aug. 19.