The second generation model - i20 Elite - would compete with the likes of Maruti Suzuki's Swift and Volkswagen Polo, priced between Rs 4.42 lakh and Rs 7.99 lakh (ex-showroom Delhi).
Commenting on the launch, Hyundai Motor India Ltd (HMIL) Managing Director & CEO B S Seo said since the launch of first generation i20 in December 2008, the company has so far sold 7.34 lakh units in the country.
"We remain committed to the Indian market. The all new Elite i20 would help further enhance the company's market share in India," Seo added.
The petrol versions of the car are priced between Rs 4.9 lakh and Rs 6.46 lakh while the diesel variants would retail between Rs 6.09 lakh and Rs 7.67 lakh (ex-showroom Delhi).
The company said the Elite i20, which is built on a completely new platform to replace the existing i20, would further add to the company's strategy of enhancing volumes.
The Elite i20 is being launched globally for the first time in India.
The Elite i20 was designed at Hyundai Motor's Design Centre Europe in Rsheim, Germany.
In the January-July period of 2014, the company sold 2,35,432 cars in India, translating into a market share of 21.6 per cent.
During the same period last year, the company's market share was 20.4 per cent.