According to Yadav, the company will launch the Bolt, its second offering for the year, in the coming days after evaluating the market conditions. The move assumes significance as the company has seen a deterioration in its passenger vehicle sales in the past few months.

Tata Motors further added that the new vehicle is placed in the same segment as its Indigo CS and that there won't be any brand cannibalisation. The new model comes in versions powered by both diesel and petrol engines. The petrol version comes with a new 1.2 litre in-house developed Revotron engine with multi-drive mode sport, economy and city mode.

The company said it will come up with new engine options incorporating renewable fuel options in the future."We are looking on the engine and new variant powered through different fuel options like renewable ones can be expected," Girish Wagh, senior vice president, programme planning and project management, passenger vehicles, Tata Motors.

The diesel powered variant is powered by a 1.3 litre quadrajet diesel engine coupled with five-speed automated manual transmission (AMT) which allows for both automatic and sequential mode of gear-shifting.

The vehicles are priced between Rs.4.64 lakh and Rs.5.99 lakh (ex-showroom Delhi) for the petrol range and Rs.5.64 lakh to Rs.6.99 lakh for the diesel range. The petrol version gives a mileage of 17.6 km/litre and the diesel version delivers a 23 km per litre mileage.

Both the versions are BS-IV compliant and have gone through low intensity impact test and certification. Exports for the vehicle are expected to start in the next six months.