The secret is out. As Ratan Tata unveiled what was perhaps the most-hyped four-wheeler of the year, excitement was palpable at the Auto Expo show in New Delhi. As Nano, Tata’s famed Rs 1-lakh car, was unveiled, there was a thunderous applause from those present.

While Tata Motors has gone all out to make ensure absolute secrecy about the roll-out plan. As for the price, various duties adding up to a significant portion of a new car’s ex-showroom price, it may actually cost you more than a lakh.

The car will have a three-cylinder 800-cc petrol engine with 33 bhp of power. It will also have a 30-litre fuel tank and four-speed manual gearshift. The car will come with air conditioning, but will have no power steering.

The car will have front disk and rear drum brakes. The company claims mileage of 22 kmpl in city and 26 kmpl on highway.

On Thursday, the $7.8-billion company will unveil its boldest initiative yet, a car that will sell for just Rs 1 lakh, less than half the cheapest car on the market.

Ratan Tata, the 70-year-old chairman of the Tata group who personally shaped the development of what he calls the “People’s Car”, will unveil the automobile that has created a global buzz among industry watchers and auto enthusiasts alike.

The initiative will determine Tata’s place in the global automotive arena, where the battle is increasingly being fought in emerging economies such as India, China and Russia.

Only 10 years ago, Tata Motors Ltd unveiled its first car, a hatchback, that established the truck maker’s credentials as a car maker.

The new model, using re-engineered plastics and modern adhesives, is a far cry from the premium Jaguar and Land Rover bands Tata is negotiating to acquire from Ford Motor Co.

Tata Motors’ drive to produce a cheap, no-nonsense, small car was born from close observation of a local market where millions often ferry families of four, plus baggage, on motorbikes and scooters.