International Cars and Motors Ltd (ICML), a part of the Sonalika group, on Monday announced plans to launch a “world car” by 2010. The company has entered into a technical collaboration with Italian car designer Pininfarina for design and process engineering.
Speaking to newsmen here, ICML chairman LD Mittal said the world car would be developed to meet the domestic requirements. He declined to give details stating that the collaborators would be arriving during the Auto Expo to give shape to the project.
“The world car is in line with our philosophy to innovate… This will be a family of vehicles that will include sports utility vehicles and high-end luxury cars,” he added.
ICML is looking for a strategic partner. “There are some talks with possible strategic partners for upgradation of products and new models. We are not looking for money,” Mittal stressed.
He said the company has already invested Rs 300 crore and would be putting another Rs 700 crore over next three years. A part of this investment will also be for the world car.
ICML chairman said private equity fund 3i has expressed desire to increase its stake in the company from the current 10 per cent. Citibank holds another 20 per cent.
The company unveiled a new version of its multi-utility vehicle (MUV) Rhino Rx. The 2 litre Bharat Stage III diesel engine vehicle carries a price tag between Rs 6 lakh and Rs 7.35 lakh. TheRhino Rx is available in both single and dual airconditioners.
“New Rhino Rx has been developed in technical collaboration with United Kingdom based Lotus Engineering.”