Sonalika group firm Indian Cars and Motors Ltd has tied up with Italy's automobile design house Pininfarina to develop a family of 'world cars' that will be rolled out in India and other countries by 2010.
The company is co-developing a Sports Utility Vehicle (SUV) and a passenger car with Pininfarina that would be positioned in the 'C' segment. Cars in the 'C' segment are generally priced between Rs 8-10 lakh.
"With the world cars, our intention is to develop a family of global cars, which will include an SUV and a luxury vehicles. We have tied up with Italy's Pininfarina for developing these cars and are planning a global launch some time in 2010," ICML Managing Director Deepak Mittal told reporters in New Delhi.
The company on Monday launched a new variant of its multi-utility vehicle Rhino at a starting price of Rs six lakh (ex-showroom Delhi). ICML expects to sell 5,000 units of Rhino this fiscal and is targeting sales of 24,000 units in 2008-09.
"We are yet to roll out Rhino pan-India and once that is done we would comfortably touch sales of 24,000 units. The national roll out would be within this fiscal and we intend to have 170 dealers spread across the country," Mittal said.
He said the company has appointed 170 dealers, of which 45 have become operational. When asked about ICML's parent company Indian Tractors Ltd plans to raise Rs 800 crore (Rs 8 billion) through an IPO, Mittal said the company is likely to take a final decision during 2008.
The company operates out of a manufacturing facility in Amb, Himachal Pradesh with a capacity to produce 24,000 units per annum. It has invested Rs 300 crore (Rs 3 billion) on the unit and plans to infuse another Rs 700 crore (Rs 7 billion) in the near future.
