Bullish on the Indian market despite global economic downturn, Swedish luxury carmaker Volvo on Wednesday said it will enhance its product portfolio in the country, including a premium sports utility vehicle, which it plans to launch sometime next year.

The company on Wednesday introduced a new variant of its existing SUV, XC90, in the Indian market, priced at Rs 58 lakh (ex-showroom, Delhi).

"Not many people are affected at the top end by the ongoing global financial crisis and the luxury segment is picking up very fast," Volvo Car India managing director Paul de Voijs told reporters in New Delhi.

He said the company is not facing any slowdown in the segment and is planning to introduce another SUV, XC60, in India after its European launch in November this year.

"We are internally preparing for the homologation process and will launch the car accordingly then," he said.

When asked if the company was considering foray into the small car segment in India, Voijs said, "We have 1.6 litre powered engine S40, V50 and C30 cars in our portfolio. There is a possibility of these cars coming into India, but we have not taken a decision yet."

He, however, said the company did not have any intention to develop an India specific car.

The company is also expanding its dealership network to 12 by next year from the current strength of four.

"We are considering to open our dealerships in Kochi, Bangalore, Chennai, Pune, Ahmedabad, Kolkata and Jaipur in the coming months," Voijs said.

On its newly launched SUV, XC90 R-Design, Voijs said the car would be available with a V8 4.4 litre petrol engine.

Volvo, which sold 100 cars in India last year, sells two models -- sedan S80 and SUV XC90.

Image: Managing director of Volvo Car India, Paul de Voijs with the 2007 model of Volvo XC90. This version came at a price of Rs 38 lakh | Photograph: Manan Vatsyayana/AFP/Getty Images

Text: PTI