German auto major BMW on Monday said it would roll out its first car, a 3 Series saloon, in India early next year.
The company appointed Peter Kronschnabl as the country head and president for its Indian subsidiary.
The 3 Series will roll out in both petrol and diesel versions from the company's fully-owned subsidiary in Chennai early next year, with a target of achieving annual sales of 1000 units in India.
Eventually, the Chennai plant will also roll out the 5 Series saloon. The company has already earmarked an investment of Rs 1.1 billion in the Indian luxury car market, and is expected to complete its plant in Chennai by end 2006.
Speaking to reporters, Kronschnabl said: "As a fast growing economy, India is opening itself to global brands and this for us is an opportunity to enter the competition in this market. We plan to commence full business operations by the beginning of 2007, as scheduled."
The company initially intends to employ around 200 people in India, with most of them working at the plant in Chennai. Up to 600 additional jobs will be created in the dealer and service network.
From 2007, there are going to be initially six newly appointed BMW dealers in Delhi, Mumbai, Chandigarh and Bangalore.
BMW does not plan to enter the motorcycle segment after its earlier venture with Hero Motors failed to click in India. Neither does it plans to bring its hugely successful mini-series in India till the year 2009.
"We will watch these segments after the post-2009 period in our second phase, based on the pricing and size viability of the India market. The foray into India is of great strategic importance and products from our stable will come depending upon the market response," Kronschnabi added.
BMW sold 227 units in India in the last fiscal and will be targeting against its traditional rival Mercedes Benz, which is already producing its cars from Pune in western India.
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