US car manufacturer Ford today launched its small car 'Figo' with both diesel and petrol version in the Indian market, priced at Rs 3.5 lakh to Rs 4.5 lakh.

The car would be available with a 1.2 litre petrol engine and a 1.4 litre diesel engine.

The entry-level version of the petrol engine will cost Rs 3.5 lakh, while the price of diesel one will start at Rs 4.48 lakh.

The company will also export its compact car Figo to South Africa, company India head Michael Boneham said at a launch function here.

Currently, the company is offering only premium priced products in India, thereby operating in only 20 per cent of the market.

''With Figo, customers will see a premium product offered to the mainstream market at an affordable price, Ford India executive Director (Marketing, Sales and Service) Nigel Wark said.

He said the petrol version would give a mileage of 15.6 kilometre, while the diesel engine would run 20 kilometre in every litre.

Figo would be produced at company's Chennai plant, which has an annual capacity of two lakh units.