The model currently available in the market carries an ex-showroom price tag of Rs 3.48 lakh.

Significantly, Daewoo is also expected to launch an upgraded version of Cielo with a new double overhead camshaft (DOHC) engine, soon.

Daewoo chairman SH Park told The Financial Express that Matiz deluxe (SD) with air-conditioner and a stereo system will be priced at Rs 3,04,259. The price of the existing model, Matiz SE, which also has power windows and central locking will remain unchanged at Rs 3.48 lakh. The price has come down from Rs 3.55 lakh after a two per cent sales tax cut announced by the Delhi government.

A top-end fully loaded model with all the features of Matiz SE plus a power steering, a rear window defogger and a rear wiper has also been introduced. This model will be pricedex-showroom at Rs 3.68 lakh in Delhi.

Daewoo managing director managing director SG Awasthi said that the company was now able to launch four variants as the supply constraint in Korea has been removed. The capacity of Daewoo plants in Korea has risen from 2,40,000 units last year to 4,00,000 units this year. This has resulted in a corresponding increase in supplies to Daewoo Motors India.

Also, with a higher level of indigenisation of over 50 per cent, the company can now supply larger numbers in the Indian market and cater to a wider segment, he said.

The order acceptance for all the four "value options" will commence from April 12 and deliveries from the first week of May.

Awasthi said the company intends to sell 30,000 units of Matiz in the domestic market and the same number for exports during the year ending March, 2000.

He said the car has over two months waiting period internationally.

Explaining the move, Awasthi said "feedback from consumers for wider options, which our research revealedhas led us to offer four new value options that extend our flagship product line".

It may be pointed out that the company at the time of the Matiz launch had said it did not see a huge demand for stripped down models of the car, and, instead a loaded version is preferred by customers.

DMIL chairman, SH Park said, "this is in keeping with our long-term vision for India, wherein we have a commitment to provide the Indian consumer with the best choices".