Mumbai, Jan 29 (PTI) Auto major Mahindra and Mahindra Tuesday entered the commercial vehicle (ICV) segment with the launch of a truck range for which it has invested Rs 600 crore. Also Read - Indian Fan Complains of Racism at Sydney Cricket Ground During Third Test Between India and Australia

The range, christened ‘Furio’ has been built over four years in association with its group company Pininfarina and will be manufactured at its facility in Chakan near Pune. Also Read - PM Modi Announces Rs 1,000-Crore 'Startup India Seed Fund'

The Furio is priced between Rs 17.45-18.10 lakh, ex-showroom, in Pune based on variants. Also Read - Rajasthan CHO 2020 Result Announced For 7,810 Posts | Check Here

Speaking the launch event here, its managing director Pawan Goenka said the ICV industry is growing at 17 per cent annually and is now estimated to be at 1.10 lakh units per year.

He said the market is very “mature”, which makes it difficult for having an incremental value proposition.

The company has decided to offer owners a ‘truck back guarantee’ if they do not witness a rise in their profits.

Goenka said the guarantee reflects the company’s “serious commitment” to the segment and also the confidence in the product built by its 500 engineers and 180 suppliers.

The newly launched truck also comes with a five-year or five lakh km maintenance guarantee.

In a statement, the company said the offer of mileage guarantee on the previously launched heavy commercial vehicle had helped it double the market share.

The Mahindra scrip closed 0.45 per cent down at Rs 670.55 a piece on the BSE as against a 0.18 per cent correction on the benchmark.

This is published unedited from the PTI feed.