Ford India launched its much-awaited compact car 'Figo' at Taj Hotel here on Tuesday.

The car was launched in both diesel and petrol versions.

Priced at Rs 3,49,000, the diesel version has a 1.4-litre engine, while the petrol version (4 lakh 42 thousand rupees) has a 1.2-litre engine.

The car is expected to give a mileage of 15.6 kilometres and 20 kilometres a litre in the petrol and diesel versions, respectively.

"The car is unbelievably priced for the Indian customers. Class leading space, class leading technology and first time the option of blue tooth is available in B segment cars. Right cost of ownership, not just surprising it is great," said Michale Boneham, President and Managing Director, Ford India.

"But the overall equation for a cost of ownership point of view: uel economy, as well as parts protection. So great host of things, we have been able to put together for this great planet," he added.

The company started working on Figo in 2007 and its was globally unveiled in September last year.

There are currently 167 Ford dealerships in 97 cities, and 28 of these dealerships were opened in one day, to make the launch of car more successful.

The company, which is looking to make India an export hub for the small car, plans to export a significant number of the Figo to Asia Pacific and African countries in 2010.

Currently, small cars account for over 72 percent of the 1.22 million units sold in India. (ANI)