New Delhi, Sep 25 (IANS): Italian automobile major Fiat Wednesday entered the entry-level sedan segment with the launch of Linea Classic, priced Rs.5.99-Rs.7.50 lakh (ex-showroom New Delhi).

"We are optimistic about our prospect for growth in the Indian car market, which is rapidly becoming one of the major markets in the world," said Nagesh Basavanhalli, president and managing director, FIAT Chrysler Operations India.

"With the launch of the Linea Classic, an expanding dealer network and upcoming marketing initiatives, we will be in a strong position to capitalize on this growth," he said.

The petrol powered variant is powered by a 1.4 litre petrol engine and diesel car has a 1.3 litre Multijet engine.

The company said that it has achieved a very high level of parts localisation in the new vehicle.

"We have a very high levels of localisation of parts in the Linea Classic. It is above 90 percent localisation in the vehicle," Tarun Khanna, head, product stratergy and planning, told IANS.

The company's entry into the entry-level sedan segment which grew by 15 percent till August in the current fiscal follows other players like Toyota's Etios, Mahindra's Verito, Chevrolet's Sail and Honda's Amaze.

The new vehicle also sports hydraulic power steering, programmable speed limit buzzer, dual parabola headlamps and fire prevention system.

The company added that it will be able to have 100 exclusive dealerships from the current 79 by the fiscal end.

"We have 79 dealerships now and 21 more are under the process. So we will have 100 dealerships by the fiscal end," Basavanhalli said.

In April, Fiat's Indian subsidiary had dissolved an agreement with its manufacturing partner Tata Motors for distributing Fiat passenger vehicles in India. Fiat and Tata Motors had formed the joint venture (JV) in 2006 under which Tatas were managing distribution and servicing of Fiat cars in India through joint dealerships.