Hyundai's equity base is around Rs 800 crore. Kim said, ``We will sell our shares only when we get the right price. It would certainly not be at the existing price, but the optimum price,'' he said.

``Some institutional investors have expressed interest,'' Hyundai marketing director BVR Subbu said, adding Bank of America has been appointed for the purpose. Hyundai Motor Corporation had initially announced that it would carry out the divestment in 2001, but the plans have been expedited with the company having achieved net profit in 1999.

Hyundai Motor India has set a target of 78,000 units for 2000, which includes 66,000 Santros and 12,000 Accents. It has sold over 60,000 cars in the April-January period. In January, Santro sales touched 7,402 units and Accent 1,243 units. With the sales target of 78,000 cars, Hyundai is planning to start the third shift at its plant by April to meet increasing demand. The company has the capacity of producing 1.23 lakh cars annually.

Kim said Hyundai would wait for the budget before taking a decision on the launch of its premium car Sonata later this year. Regarding export commitments, Subbu said it starts only from April 1, 2001, though the company had already started exports to Nepal and proposed to tap the markets in Sri Lanka, Bangladesh, Middle East, Africa and SE Asia. The company has set an export target of around Rs 200 crore in 2000 and plans to export 10,000 units.