The joint venture has already tied up with country-wide, Bank of America and Tata Finance for financing the passenger vehicle range of Telco, company managing director Steven G Foster said here.

Tatas are planning to launch its small car code named Mint by November this year and is reported to have begun pilot production. "Since there would be stiff competition in the small car segment, Concorde would be a strong weapon in Telco's armory for its small car," he said.

Tata group holds 50 per cent of the equity in the Rs 100 crore venture through Telco, Tata Finance and Tata Industries and the balance is held by Jardines, part of the $ 2 billion Jardine International Motors. Jardine International is part of the Jardine Matheson group, which holds an equity stake in the Tata group.