The country's largest car maker, Maruti Suzuki India, on Friday launched its latest small

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car Ritz in both petrol and diesel variants, offered at an introductory price of Rs 3.90-4.99 lakh.

"Ritz is our parent Suzuki's fifth global model and it will be the first Bharat Stage-IV emission norms compliant Indian car. We have launched it at the beginning of the fiscal and we hope it will bring excitement in the market," Maruti Suzuki India Managing Director and CEO Shinzo Nakanishi told reporters here.

The small car has been developed on the existing hatch-back Swift's platform and common usage of the platform helped the company to offer Ritz at a lower price, he added.

"Also higher level of localisation helped us in reducing the cost. Ritz has 85 per cent of localisation in components," Nakanishi said.

About the sales of the car, he said that the company has not fixed any target as "it is tough to project for future. We have capacity to meet all requirements."

Regarding its product portfolio, Nakanishi said: "We are constantly expanding our portfolio in the competitive compact car segment. India is a diverse market, no two customers think in the same way. We do not want to miss any opportunity in this segment."

The petrol version of Ritz would be available in three variants in the price range of Rs 3.90 lakh to Rs 4.80 lakh, while the diesel engine car would be available in two variants between Rs 4.65 lakh and Rs 4.99 lakh.