Sonalika Group’s company Indian Cars and Motors Limited (ICML) announced that it will invest Rs 700 crore in developing and launching a family of ‘World Cars’ by 2010 in collaboration with the Italian automobile design house Pininfarina.
Speaking to the press Mr. Deepak Mittal, MD – ICML said that they would be launching the world car by 2010 in the European and later in the Indian market. The CKD of the car will be manufactured in their Amb facility in Himachal and will be assembled in Italy,
A part of the Rs 700-crore investment would go into the Amb facility and the remaining amount would be utilised in the assembly unit in Italy
The production capacity of the world car would be 50,000 units per year, and ICML is in talks with overseas companies for engines to meet the EU and US emission norms.
The company is currently co-developing diesel and petrol versions of a 7-seater sports utility vehicle and a 5-seater luxury car, which would be positioned in the ‘C’ segment.. The prototype of the vehicle is ready in Italy. Besides Europe and India, the company would sell the cars in the US and South East Asian countries.
