A little over a year ago Indian Tata Motors made a huge splash with the announcement of the Tata Nano, a car selling for about $2,000 (100,000 rupees) now in India.
The Tata Nano is BS-III compliant and comes with an all-new 2-cylinder aluminum MPFI 624 cc petrol engine mated to a four-speed gear box and will be available in three variants.
The three Nano models include the Tata Nano Standard, Tata Nano CX and Tata Nano LX.
The 2-cylinder engine – delivering 35 PS at 5250 rpm and a torque of 48 Nm at 3000 rpm - enables the car to have a top speed of 105 km/h. The Fuel efficiency is 23.6 km/liter which corresponds to 55.5mpg.

The new nano will be on display across India at Tata Motors Passenger Car dealerships and other select authorized outlets from April 1st. The sale of application forms and acceptance of booking will start from April 9th 2009 till the end of day April 25th 2009. Within 60 days of the closure of bookings, Tata Motors will process and announce the allotment of 100,000 cars in the first phase of deliveries, through a computerized random selection procedure. Delivery of the Nano starts in July.

Tata Motors has plans to bring the Tata Nano to Europe soon, where it will be a bit more expensive because of European security requirements (Airbags, ABS, etc.). The price will be still quite lower than the offering of other manufacturers.
Via the Tata Nano site.