Speaking at the launch, DMIL managing director and chief executive officer YC Kim said: "We are planning to launch the three models in India by December this year."

DMIL is offering the Magnus, which will be equipped with a 2.0 L engine, in the luxury car segment. The company plans to price the model between Rs 13-15 lakh in the Indian market.

In the mid-segment, DMIL is launching the Nubira-II and the Lanos-II. The Nubira-II is being launched in two variants - the 1.6 SX and the 2.0 CDX and will sport a price tag in the Rs 9-10 lakh range.The Lanos-II will be priced in the Rs 7-8 lakh range.

According to Mr Kim: "We are waiting for the announcement of the auto policy before taking a decision whether to import the models or go in for an assembly unit in India." Mr Kim also added that DMIL was aiming a sales figure of 1,000 units per month initially for the new models.

Pointing out that the mid-segment and luxury segment in India will start to grow at 21 per cent to 22 per cent in the next two years, Mr Kim said that the Indian auto market had a huge potential.

DMIL is targeting a sales figure of 55,000 units in passenger cars by the end of the next fiscal. The company is also targeting 72,000 units by 2002-03 and 1 lakh in sales by 2003-04, according to Mr Kim.

The company plans to hold roadshows for the new models prior to the launch, beginning with Mumbai. In the first phase, the roadshows will target 19 cities and the company will be spending close to Rs 1.5 crore on them. The next phase will target 30 smaller cities, with an outlay of Rs 3 crore.