Although Airtel had started iPhone 4 pre-registrations earlier this month, it looks like Aircel will be the first operator that will be bringing it to India.

Aircel has just sent a press release announcing that they will be launching the iPhone 4 this Friday for both prepaid and postpaid customers. It will start retailing at Rs 34,500 ($763) for the 16GB model and Rs 40,900 ($905) for the 32GB model.

However, the phone will follow a reverse-subsidized model: you will have to pay the iPhone price upfront, but you have the opportunity to recover its full cost in terms of monthly credits over the next 2 years.

Here is a breakdown of prepaid and postpaid plans from Aircel:

iPhone 4 PostPaid Plans iPhone 4 arriving in India on May 27

iPhone 4 Postpaid Plans

iPhone 4 Prepaid plans iPhone 4 arriving in India on May 27

iPhone 4 Prepaid plans