Bullish on the ever expanding luxury car market in India, German sports car major Porsche is looking at a three-fold increase in sales within the next three years.

"India is in the beginning of a development of luxury automotive market as there has been an increased awareness and availability of top end brands, which we think should drive up our sales," Porsche India Centre (PIC) managing director Mohamed Rahman told reporters in New Delhi.

The company sold 160 units of its luxury vehicles in India last year and is confident of taking the number to about 550 by 2010.

"This year the target is about 200 units while for 2008 it is about 240-260 units. By 2010, we are looking at about 540-550 units across the various models," PIC CEO Ashish Chordia said.

Porsche on Wednesday introduced its second generation Cayenne SUV in India in the price range of Rs 49,30,000 to Rs 1.1 crore.

The German sports car company, which was earlier selling its products through authorised dealership, has now formally set up its subsidiary in India.

"We have incorporated the company, Porsche Cars India Pvt Ltd," Chordia said, adding that it was looking at adding three new dealers in south India this year.

"In the next month-and-a-half, our Mumbai centre will be opened, and we are adding one each at Hyderabad, Bangalore and Chennai," he said. By the end of year, Porsche will have a total of five dealers in the country.