Nokia plans a new operating system ("Meltemi") for cheap feature phones aimed at growing emerging markets.

The name for this Linux-based system comes from the Greek word for the strong, dry north winds of the Aegean Sea, which blow from about mid-May to mid-September. During hot summer days, these winds are considered a blessing. Similar winds blow in the Adriatic and Ionian regions.

Obviously Nokia feels a cheaper OS will give emerging markets a blessing (and maybe even curse more expensive solutions from competitors.)

Wall Street Journal says heading the project is Nokia executive VP for mobile phones, Mary McDowell.

It pays for Nokia to focus on the feature phone market-- this segment accounts around 47% of Nokia Q2 2011 sales. Their customers in emerging markets now started to expect some smartphone functionality even from cheaper, lower-end devices.

News site Boy Genius Report thinks Meltemi will replace the Nokia Series 40 platform, as its more capable while running on equally low-cost hardware.

Nokia will apparently still offer low-cost Windows Phone devices (running "Tango," the stripped down version of Windows Phone 7). Now Meltemi will allow Nokia to sell phones at even lower, rock-bottom prices.

Replying to the BGR report, Nokia simply says "...our Mobile Phones team has a number of exciting projects in the works."

Go Nokia Aims Software at Low-End Phones (WSJ)

Go Nokia to Turn Mobile Landscape on its Head with "Meltemi" (BGR)