The tea-to-steel giant also looks set to drive off with two exclusive automobiles: Ford's Jaguar and Land Rover brands.
Company chairman Ratan Tata will unveil the budget car on January 10 in New Delhi. Some analysts predict it will revolutionise car costs worldwide.
Mr Tata, who trained as an architect at Cornell University in the US, helped design the car, which is aimed at getting India's masses off their motorbikes and into cars.
"I hope to make a contribution to making life safer for them," Mr Tata, 70, said in amessage on the company's website.
"That's what drove me - a man on a two-wheeler with a child standing in front, his wife sitting behind, add to that the wet roads - a family in potential danger. "
But despite its low price, some analysts say the four-door, five-seater could be a tough sell for Tata's vehicle arm, Tata Motors, even with an economy growing by 9 per cent a year, creating new affluence.
If motorbike owners wanted to graduate to cars, the analysts point out, there are a lot of good second-hand cars for 100,000 rupees or less.
Tata has said it is targeting the car at Indian and other emerging markets. Tata's marketing pitch will compare it favourably with the Maruti 800, the most popular budget model in India today, which is made by Japanese-owned Maruti Suzuki and sells for about $5500.
Tata, which has been on an aggressive overseas expansion drive, is also expected to win its reported $US2 billion ($2.28 billion) bid for the British Land Rover and Jaguar brands in January, putting it in the unusual position of making two prestige cars as well as the world's cheapest.
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