The model will take on the likes of Maruti Suzukis Swift, Hyundai i20 and Honda Brio, which are priced between Rs 3.99 lakh and Rs 7.76 lakh (ex-showroom Delhi).
The petrol versions of the Punto Evo are priced between Rs 4.55 lakh and Rs 6.65 lakh, while the diesel variants would retail between Rs 5.27 lakh and Rs 7.19 lakh.
The company is on a comeback trail after a failed joint dealership venture with Tata Motors.
Basavanhalli said the company currently has 116 out lets in 93 cities across 23 states in India and will continue to expand its presence in the market.
The firm will also launch the Avventura, a compact utility vehicle built on the Punto platform, within next 60 days, he added.
Avventura, built indigenously, was first introduced at the recently concluded Auto Expo in Greater Noida.
In the pipeline are plans to launch iconic car brand Abarth which will initially be launched as a completely built unit and eventually be assembled locally to bring down costs. The Abarth launch will likely take place before December 2014.