Speaking to reporters, MSI Managing Executive Officer IV Rao said, "We will be launching a new van by the end of this fiscal. This vehicle will replace the Versa, whose production has already been stopped."
MSI is also looking to produce one million vehicles by the end of this fiscal.
"Hopefully, we will have one million units in production by the end of this financial year by utilising our full capacity," Rao said.
"We have not completed BS-IV compliance norms on all our models but we are working towards that direction," Rao said.
The company is also working on hybrid and electric vehicles for demo cars, but Rao said it has no plans for a full-fledged launch of vehicles with such alternative fuel technologies.