New Delhi: Italian auto maker Piaggio is joining the league to bring its new 3-seater car to India which is all set to take over Tata Motors' Nano.

Already other global car makers like Hyundai Motor , General Motors are in the fray to launch their small cars while French car maker Renu is jointly developing a low-cost car jointly with Indian two wheeler major Bajaj Auto.

Piaggio, best known for scooters worldwide, unveiled its four-wheel, small car concept codenamed NT3, at the Milan Bike Show that has been "designed to meet mobility needs in its major markets like India, Vietnam and South East Asia".

The Italian manufacturer which operates a fully owned subsidiary, Piaggio India Ltd, is the current market leader of three-wheel commercial vehicles in India, with its flagship Ape as the market leader in terms of sales.

The NT3 small cars are based on the Ape platform and according to Piaggio top executives would be production ready within 3 years. It is expected to hit the Indian market with an approximate price tag of Rs 1.5 lakh.

The 2.4m long NT3 initial to be powered by a 200cc capable of offering speeds of up to 60 km/hour and a or 300cc engine (max speed of 80km/hour) that could also have a hybrid variant with possible electric motor in future.