Tata Motors is planning to make hybrid versions of its small car, Nano.
Ratan Tata, chairman of the Tata Group, told the daily Maeil Business Newspaper, published in Seoul, South Korea, in an interview that India would respond to low-priced goods in a better manner than it does to high-end products that would spread across the world slowly.
The Nano car, made by Tata Motors, the biggest vehicle-maker in India, has been described as the cheapest car in the world.
Ratan Tata did not disclose how much the hybrid versions of Nano would cost or when they will be launched.
Typically, a hybrid vehicle uses two or more different sources of power – usually petrol or diesel, and battery.
The basic model of the first Nano car, which was released to the Indian market in July 2009, was priced at Rs 100,000 ($2,155; £1,306).
Ratan Tata, 71, told Maeil Business Newspaper that Tata Motors was planning exporting Ace, its light truck, to South Korea.
The company also will look at chances of assembling or manufacturing the Ace truck in its plant in South Korea.
Ratan Tata said that he has, for growth in new areas of its business, opted for bioengineering and biotechnology.
Tata added that he is exploring chances of entering the field of nutrient-enriched foods.
He told the South Korea newspaper that the Tata Group is interested in starting ventures in Vietnam, and also “evaluating the US market,” where the group has not yet made considerable investments.
The Tata Group also is also examining the possibility of investing in businesses such as software, hotel, automobiles and biofuel in South American countries like Argentina and Brazil.