Nokia announces budget-friendly Lumia 510
Engadget

Nokia has just announced their most affordable Windows Phone device yet in the form of the Lumia 510, which is set to become available first in India for only $199 some time in November. It boasts a 4-inch 480x800 touchscreen display, a 5-megapixel camera, an 800MHz Qualcomm CPU, 256MB RAM, 4GB of internal storage, and Windows Phone 7.5 Mango. To take care of the limited amount of internal storage and the fact that the Lumia 510 lacks a microSD card slot, all units will ship with support for Microsoft SkyDrive. It will be available in five colors: yellow, blue, black, red, and white.

What Else You Need To Know

  • Although it ships with Windows Phone 7.5 Mango, it is said that Nokia will roll out a software update for Windows Phone 7.8 Tango in the future.

Other sources

Engadget
Nokia launches budget Lumia 510: Windows Phone 7.5, 4-inch display and 5-megapixel camera (video)  

In terms of the OS, it'll ship with WP Mango.