The research is to develop a commercially compatible Low Power, cost effective Paper LCD based E-reader. The processing unit consists of STM32F4 microcontroller. One of the compatible operating system, FreeRTOS is used. A web browser and a PDF reader application is developed. The paper LCD provides an interactive capacitive touch input. Extra memory is provided by external USB. The Printed Board Circuit Design is described in full detail and all the necessary cost effective steps have been followed. A complete cost analysis has been done.