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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Singapore Asia Pacific World Ferrari to launch in booming India: report AFP - Monday, November 29 Send IM Story Print Ferrari to launch in booming India: report NEW DELHI (AFP) - – Italian sports car maker Ferrari is to launch in India within six months, the Times of India reported on Sunday, as global luxury brands increasingly focus on the country as an essential market. Porsche, Lamborghini and Bugatti are already present in India, where the rapidly-developing economy has created enormous wealth among the urban elite. India's number of millionaires grew by 51 percent to 126,700 in 2009, according to US investment bank Merrill Lynch and consultants Capgemini. "Ferrari will enter the Indian market in the first half of 2011. India will be the 58th market in the world where Ferrari will be present," Valeria Costa, communications director for Ferrari, told the Times. Ferrari is owned by the Fiat group, but Costa said the cars would not be sold by Fiat's Indian partner, Tata Motors, and would be imported directly instead. Import duties on the cars are expected to be as high as 110 per cent. Among those who already own a Ferrari in India is superstar cricketer Sachin Tendulkar, who drives a 360 Modena model given to him in 2003. He was reported to have been exempted from paying import duty. India continues to suffer from heavily congested and badly potholed roads despite its recent economic development. At least 105,000 people die in road accidents in the country each year, according to the latest World Health Organization figures. Recommend Send IM Story Print Related Articles BAY STREET-Bank profits to rise, but stocks could drift Reuters - 29 minutes ago RPT-Russian internet firm eyes 1 bln stg IPO-paper Reuters - 32 minutes ago US-BUSINESS Summary Reuters - 1 hour 18 minutes ago EU to back Irish bailout and sketch long-term solution Reuters - 1 hour 18 minutes ago Kuwait's Dar creditor panel resigns after dispute Reuters - 1 hour 27 minutes ago News Search Top Stories Experts split on global warming, highland malaria link International deal struck on Irish bailout Britain's Prince William happy to wait for crown Black Friday shows slight increase in US sales BA, Iberia face last hurdle over landmark merger More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended Obama gets 12 stitches after 'elbow in the lip' Britain's Prince William happy to wait for crown Computer meltdown leaves Aussies without cash Crunch time at bluefin tuna meet Black Friday shows slight increase in US sales More Most Viewed » 'Naked' airport scanners may be 'dangerous' EU fines 11 airlines 800 million euros for air cargo cartel Pilgrims stone 'devil' as Muslims celebrate Eid World leaders scramble for funds to save the tiger US, S.Korea plan war games after N.Korean attack More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo! Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Entertainment Photos Yahoo! News Network Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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