Mahindra's new-look Verito @ Rs 5.27 lakh

Mahindra & Mahindra on Thursday launched a new version of its Verito priced between Rs 5.27 lakh and Rs 7.14 lakh (ex-showroom, Delhi).

The car will be available in both petrol and diesel options and will take on Maruti Suzuki's DZire and Toyota Kirloskar Motor's Etios.

DZire is currently available between Rs 488,000 and Rs 735,000, while Etios is sold at Rs 514,000-823,000.

While the petrol variant powered by a 1.4 litre engine is priced at Rs 527,000 and Rs 549,000 for the two options, the diesel variant coming with 1.5 litre engine has three

options priced between Rs 626,000 and Rs 714,000.

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"We have tripled Verito volume in the last two years.

In the last fiscal, we sold 18,000 units of the car and this year we are looking to outperform the industry growth," Mahindra & Mahindra chief executive (automotive division) Pravin Shah told reporters in New Delhi.

The new Verito is more expensive by Rs 7,000 to Rs 19,000 across different variants than earlier model.    

Shah said the company has an annual capacity of producing 20,000 units of Verito at its plant at Nashik in Maharashtra.

M&M had taken licence from its erstwhile joint venture partner Renault to manufacture and sell sedan Logan in the Indian market when their association ended in 2010.

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Later, in April 2011 the company had relaunched the car and renamed it as Verito.

The Indian auto major is currently working on a sub-four metre version of the Verito which will qualify for the excise duty benefit given on small cars.

Asked if M&M would remain a single car company with its strength lying in utility and sports utility vehicles, Shah said: "We don't mind being a single car company to the extent that if we are bringing value to the customers."

He declined to comment on whether M&M would develop new car models based on the Verito platform.

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Commenting on the company's SUV model XUV500, Shah said since the company reopened bookings in June, it has received over 22,000 orders.

M&M will be enhancing the output of the vehicle at its Chakan plant to 5,000 units a month by September-October from the current levels of 4,000 units per month.

"As of now the waiting period of XUV500 is around 2-4 months," he said.

On exports, Shah said M&M plans to start shipping XUV500 to markets in Europe, South and Central America within this fiscal.

Already the company is exporting to South Africa and Australia.