Xiaomi Redmi Note 2
Xiaomi released its latest smartphone the Redmi Note 2 on Aug. 13. A "Prime" version is also available, with twice the internal storage than the regular 16GB version. Xiaomi/MIUI Forum

Xiaomi Corp. has made it official: The much-rumored Redmi Note 2 will run on MediaTek’s high-end processor, Helio X10. Xiaomi also released a “Prime” version of the 5.5-inch 4G phablet, which will have 32GB internal storage.

The Chinese smartphone company released the handsets at an event in Beijing where it unveiled MIUI 7, the latest version of its Android skin, the phone user interface that runs on top of the stock Android operating system distributed by Google Inc.

Helio X10
MediaTek's high-end eight-core processor Helio X10 delivers the computing power on Xiaomi's new phablet, the Redmi Note 2. Xiaomi/MIUI Forum

The Helio X10 has a processor with eight cores running at 2.2GHz, and the rest of the smartphone comprises of a 1080p display, 2GB RAM, 13MP primary camera and 5MP for the selfie shooter. A 3020mAh battery powers the handset, which will run on the latest MIUI 7 software out of the box.

Xiaomi has, if anything, upped the ante with the pricing of its latest “monster” as it called the phone on its official online forum for MIUI.

Xiaomi Redmi Note2 Price
With the Redmi Note 2, Xiaomi has continued its aggressive pricing policy. Consumers in India, the company's second largest market, can also expect great prices, as rivals including Lenovo Group bring in more models. Xiaomi/MIUI Forum

The 32GB “Prime” version will cost 999 yuan (about $160) in China, and the regular Redmi Note 2 with 16GB internal storage will retail at two prices -- 799 yuan or 899 yuan, with the cheaper version incorporating support for TD-SCDMA, an older wireless technology specific to China.

Prices in India will likely be revealed next week, when the company will demonstrate the global version of MIUI 7 at an event in New Delhi on Aug. 19.

Xiaomi MIUI 7
Xiaomi released its latest MIUI 7 software, the version meant or China, on Aug. 13 at an event in Beijing. The company is expected to release a global version on Aug. 19 at an event in New Delhi. Xiaomi/MIUI Forum