Hindustan Motors has launched a premium car, the Mitsubishi Montero, with a Rs 30 lakh price tag. CNBC-TV18 reports that while the auto industry is going the small car way, HM will focus on the niche market.

After Pajero, its Montero. Hindustan Motors and Mitsubishi have launched another SUV but this time around a higher end one at a price tag of about Rs30 lakh. Montero comes as a completely built unit from Mitsubishi Motor Corporation Japan and will be sold by the existing dealer network, which are about 45 in number in India.

This is Mitsubishi''s fourth car in India after Lancer, Cedia, Pajero.

HM also plans to bring in the Outlander and will continue to focus on the SUV segment.

HM has appointed HDFC as consultant to sell a part of its land in West Bengal to private retailers for which it has sought the state government''s permission. The company is looking to sell around 314 acres of the 740 acres they have.

The funds generated from the land sale will be used for strengthening HM''s auto component business. The auto component business was hived off into a separate company 15 months ago and HM expects a high double digit growth in the next two years.