The company, which also set up its first outlet in the city plans to have a network of 60 outlets by 2016, Isuzu Motors India Private Limited managing director Takashi Kikuchi said after the launch.

With the setting up of Mumbai outlet, Isuzu now has nine dealerships pan-India, he said.

"Pick-up truck segment is one of the largest and fastest- growing segments in the commercial vehicle space, accounting for 35 per cent of the total CV business. We are extremely happy to enter Maharashtra, which is the biggest pick-up truck market in India," Kikuchi said.

Projecting India to be market leader in the pick-up truck segment by 2023, Kikuchi said that  the volumes may grew fourfold to 8-lakh units by that time from 2 lakh units last year.

"With this launch, we look forward to growing our market in western India and gradually across the country," he said.

Kikuchi, however, did not divulge any specific market share the company was looking to corner with the new product, adding, "It is too early to earmark any market share."

The company currently has contract manufacturing with the Hindustan Motors to assemble its sports utility vehicle MU7 and D-Max model of pick-up trucks at HM's Chennai facility.

The Chennai facility has a capacity of 6,000 units per annum, which includes assembling of 3,600 D-Max pick-up trucks.

Isuzu had forayed into the domestic market in 2013 by bringing in limited volumes of completely build units of its vehicles for test marketing and better understanding of the local customers requirement.

It is also setting up a light commercial vehicle manufacturing facility of its own at Sri City in Chittor district of Andhra Pradesh with an annual production capacity of 50,000 units at an investment of Rs 3,000 crore.

The facility is expected to be up and functional by 2016, Kikuchi said adding the capacity at the plant will also be ramped up to 1.20 lakh over a period of time besides achieving 100 per cent localization within three years of commencement of operations.

Isuzu also plans to set up two more dealerships - one in Pune and one in Nashik - this year, he said.