Utility vehicles major Mahindra & Mahindra (M&M) Saturday forayed into premium SUV space with the launch of Alturas G4 priced between Rs 26.95 lakh and Rs 29.95 lakh (ex-showroom).

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The company, which already sells models like XUV500 and Scorpio in this segment, is aiming to sell around 450-500 units per month of the new model per month.

"The launch of the Alturas G4 is a significant moment in the automotive journey of Mahindra which will take the brand to the next level," M&M Managing Director Pawan Goenka told reporters here.

With the Alturas G4, the company has decided to adopt an endorsed brand strategy which will heighten brand desirability and aspiration, he added.

The company has put a price tag of Rs 26.95 lakh for two-wheel drive version of this premium SUV, while its four-wheel drive variant will cost for Rs 29.95 lakh.

"The product is the epitome of luxury in every sense. Therefore we believe the Alturas G4 aptly redefines royalty which is also its positioning," Goenka said.

When asked about the sales target for the new model, Goenka said the company is eyeing 10-15 per cent market share of the premium SUV segment which is pegged at around 4,500 units per month.

The vehicle would compete with the likes of Toyota Fortuner and Ford Endeavour.

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The Alturas G4, which is sold as SsangYong Rexton G4 in South Korea, is powered by a 2.2 litre diesel engine mated to 7-speed automatic transmission.

Goenka said the model would come as a complete knocked down unit (CKD) and would be assembled here.

"With passage of time, we will look at enhancing local content in the vehicle," he added.

The Alturas G4 would be exclusively available through separate high-end showrooms within the existing Mahindra dealerships.

These outlets will be equipped with ultra-modern digital technology to provide an enhanced and immersive high-end experience for customers, Goenka said.