Ford India will launch an economy model of its Ikon car that will be in the Indian markets in November 1999. The vehicle will use a 1.3-litre petrol engine.

The company attaches great significance to the price-sensitive Indian market, and the economy version will be targeted at the discerning buyer in the big car segment. The car will be priced around Rs 5 lakh and will directly take on Maruti''s Esteem.

Ford India officials revealed that there will be three models of the Ikon -- the 1.3-litre petrol version, a 1.6-litre petrol version and a 1.8-litre diesel version. While the 1.6-litre petrol version will be priced around Rs 6 lakh, Ford has not decided on the price of the diesel version except that it will be priced aggressively and may be the cheapest diesel model in the segment.

The Ikon launch is expected to be a big event. The company wants to offset the lacklustre response to the Ford Escort by implementing a more effective marketing strategy. Ford dealers have been alerted on the launch and the workshop upgrades and related work are in progress. The showrooms will be redecorated, and the launch expenses will be fully borne by the company.

The company has indicated that there will be no booking process for the car. The car can be purchased on a first-come-fist-served basis. All the models will be on display at the showrooms across the country at least about a month in advance of the proposed launch date, for the present fixed as 22 November.

Ikon, now on trial production at the company''s Maraimalainagar plant, has several firsts to its credit. It is the first vehicle that the Ford Motor Company is manufacturing in a developing country. It is also Ford''s last global product before the year 2000. Besides, it is Euro II-compliant and 70 per cent indigenously produced. Based on Ford''s global Fiesta platform, the car has a ''three box'' design, and will sport Ford''s ''New Edge'' corporate design identity.

The import content of the car will be its engines and the transmission system. Ford India plans to source the petrol engines from Ford facilities in South Africa while the diesel engines will come from the Dunton Engine Development Centre in Britain.

The Maraimalainagar plant has a capacity to make 50,000v vehicles a year, which can be expanded to one lakh vehicles. The company plans to sell about 20,000 vehicle in the first year and to export an equal number, in CKD form, mainly to South American countries.