Sonalika mulls to roll out luxury sedan

Sonalika Group, which is actually a firm which makes engine component and, agricultural equipments is all set and prepared to make its entry in to the Indian Car Market, with its luxury sedan. Sonalika Group is planning to invest a whopping amount of Rs. 500 Crore to develop two new cars along with a luxury sedan by the year 2012. The two new cars will range between the price tag of Rs. 7 to 10 Lakh whereas the luxury sedan could come for Rs. 15 Lakh or so.

Sonalika Group also has plans to hoist around Rs. 125 crore from the funds and banks and the rest of the money would come from internal accruals. However, this firm hasn’t thought about launching a small car so far. This information was revealed by the chairman of Sonalika Group, Mr. LD Mittal.

The huge investment done by Sonalika Group will be utilized to set up a brand new assembly line together with increasing the capacity of their plant in Himachal Pradesh. Currently, its existing plant keeps the power of churning out 50000 cars annually. According to the reports, these products will be unveiled with the tag of Sonalika under the segment of group passenger vehicle, ICML or International Cars and Motors.

Sonalika Group presently produces a MUV, known as Rhino at a price of Rs. 5 to 7 lakh and the plant produces 24000 units per year. The cars ranging from Rs. 7 to Rs 10 lakh are expected to be launched in the next 6 months or so. These cars might comprise of a compact SUV and a midsized sedan. The luxury sedan is expected to be launched in 2012 and envisages to give a tough fight to the European sedans, which fall in the price range of Rs. 25 to Rs. 30 Lakh.

The luxury sedan from Sonalika Group is expected to be powered by a 2.0 litre of diesel engine. Besides the car plan, Sonalika Group is planning to launch it’s first ever remote control tractor in a couple of months. With the TV remote, a farmer could easily control its tractor. This would be surely a global achievement.