The Figo Aspire will be available in both petrol and diesel engine options. The petrol option has two variants, powered by 1.2 litre and 1.5 litre engines, available at a price range of Rs 4.90 lakh and Rs 7.80 lakh.

While, the diesel option has a 1.5 litre engine and is tagged at a price range of Rs 5.90 lakh and Rs 8.24 lakh (all prices ex-showroom Delhi).

"The Figo Aspire has been developed keeping the requirements of Indian customers in mind such as good design, high fuel efficiency and value for money while meeting Ford's global standards", Ford India President and Managing Director Nigel Harris told reporters here.

With its pricing, Figo Aspire has started a price war against the likes of Maruti Suzuki's Dzire, Hyundai's Xcent, Honda's Amaze and Tata Motors' Zest which are priced at a range of Rs 5.03 lakh to Rs 8.21 lakh.

The segment is witnessing a fierce competition in the Indian market and accounts for nearly 30,000-35,000 cars each month. After the Figo Aspire, Harris said Ford India will launch the Figo hatch around the festival season, to be followed by an all new version of SUV Endeavour later in the year or early next year.

With sales of 1.1 million vehicles in 2014, compact cars' share was 45 per cent in India's auto market in 2014. Ford expects the segment to grow to around 1.6 million units by 2018.

The company will also export the Figo Aspire to compete globally. Ford plans to make India an export hub for small cars. It aims to triple exports from India over the next five years with its new USD 1 billion plant at Sanand becoming operational.