The company will invest about Rs 700 crore in the design and production of the world car, which would be funded through internal accruals, debt and equity placements.
The company would set up an assembling unit in Europe (it may be in Italy) followed by south east Asia and the US for the world car. The car would be imported in India as a completely knock down (CKD) unit.
The company is exploring the commercial feasibility of the production of the vehicle with various manufactures in Europe. The company is also planning to invest in Himachal Pradesh's Amb unit. The unit will have an installed capacity of 50,000 CKD units of world car.
The world car will be launched in Europe and launches in South east Asia and the US will follow. The world cars will now roll on Italian engineering as Pininfarina, apart from the designing support, will also provide consultancy support in the making of these cars.
The car would be unique in terms of safety, design and styling, which is strongly associated with Pininfarina. It is worth noting that Pininfarina has a proven track record of bringing about some of the iconic international brands like Ferrari, Maserati, Jaguar, Volvo etc.
Talking to Business Standard, ICML Managing Director Deepak Mittal, said, "With technical collaboration from Pininfarina, we are hopeful of launching the luxury world cars by 2010. The prototype is ready. We will launch a 7-seater SUV and a 5-seater luxury car by 2010. To cut the input cost, we are planning to set up assembling units across the world."
The entire engineering and designing of the car would be done in Italy under the supervision of Pininfarina S.p.A. President Andrea Pininfarina.
"The cars will have high standard of safety and engineering. The quality would be at par with the global products," added Mittal.
Describing the concept of
