Chakan: Mahindra & Mahindra on Tuesday forayed into the intermediate commercial vehicles (ICV) segment with the unveiling of the Furio range of trucks here, and said it had invested Rs 600 crore in developing the platform.

With the unveiling of new vehicles from the Mahindra's Truck and Bus (MTB) division, the group has established its presence across all the segments of commercial vehicles, said Pawan Goenka, managing director of Mahindra & Mahindra.

"The unveiling of the new Furio is a defining moment for our truck and bus business as we are set to become a full-range commercial vehicles player. We have invested Rs 600 crore in creating the ICV platform," he said.

The company showcased four products in the Furio range between 7.5 tonnes and 16 tonnes.

"We will have 21 products in the ICV range in total. Four were unveiled today, which we plan to launch in a couple of months. Two products will come in December and two more in the next quarter," said Rajan Wadhera, president, automotive sector, Mahindra & Mahindra Ltd.

The seven vehicles will be BS IV compliant. For the Furio range, the Italian design house Pininfarina, which was acquired by M&M in 2015, had designed the exteriors, the driver's cabin and the interiors for the company.

With the addition of the new range of ICVs, MTB will emerge as a complete trucking solutions provider to the country's commercial vehicle market, Wadhera said.

"We have a market share of 5.6 per cent in the heavy commercial vehicle segment. The business has turned around and this is the right time to enter ICV, " said Goenka.

The company sold 9,484 units in 2017-18, growing by 41 per cent over 2016-17 as against a market growth of 20 per cent.