German luxury carmaker BMW on Thursday launched its new BMW 3 Series Gran Limousine 'Iconic Edition' in India with a price starting at Rs 53.5 lakh.

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Locally-produced at BMW Group Plant in Chennai exclusively for the Indian market, the car is available with immediate effect across BMW dealerships in the country in both petrol and diesel variants, it said in a statement.

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The petrol version, powered by a 2-liter four-cylinder engine with a power output of 258 hp and capable of accelerating from 0 -100 km/hr in 6.2 seconds, is priced at Rs 53.5 lakh.

On the other hand, the diesel variant has a 2-liter four-cylinder engine producing a power of 190 hp and can accelerate from 0 -100 km/hr in just 7.6 seconds. It is tagged at Rs 54.9 lakh (ex-showroom), it added.

Commenting on the launch, BMW Group India President Vikram Pawah said the company will celebrate this festive season with the launch of three limited editions across its product range.

"The limited units of this 'Iconic Edition' Gran Limousine are tailored with an innovative proposition that will attract young, progressive Indians who want a perfect combination of sporty performance and higher practicality for family usage in this segment," he added.

Pawah said the new BMW 3 Series Gran Limousine Iconic Edition delivers "sheer driving pleasure and indulges in superlative luxury, making it a perfect choice for individuals as well as their families".

The car comes with safety features, including six airbags, attentiveness assistance, dynamic stability control (DSC) including cornering brake control (CBC), electric parking brake with auto hold, side-impact protection, electronic vehicle immobiliser, and crash sensor, among others, the company said.