New Delhi, March 15: Maruti Udyog today introduced a Versa model at a price that is almost Rs 1 lakh less than the existing variants. At Rs 3.27 lakh, the new model can pack in five people against seven in those that have been on sale so far. It is available in three variants — Versa DX, Versa DX2 and Versa SDX — that cost Rs 4 lakh to Rs 4.92 lakh.

“The new variant, the Versa 5-Seater, would help Maruti retain its large base of Omni customers by providing an excellent upgrade option,” Maruti said in a statement. The new variant will give five people more space, and still leave enough room for luggage. Analysts said the new variant is pitted against Fiat India’s Palio hatchback.

Maruti, 54.2 per cent owned by Japan’s Suzuki Motor Corp, controls 50 per cent of the India’s market for small and compact-sized hatchbacks — the dominance driven by Zen and Wagon R and the mini Maruti 800. The new Versa version follows the launch of a Baleno sedan in January at a price of Rs 5.6 lakh. Powered by the same 1.6-litre engine that was at the heart of its old model, it aimed at giving similar cars made by Hyundai, Ford, and GM a run for their money.

Maruti, whose shares have been trading since its blockbuster initial public offer in July last year, sells 10 models, one of it imported as a fully-built unit from Japan.