The highly anticipated Tata Nano draw has finished and on June 23, 2009, Tata Motors announced that it selected more than 1,55,000 lucky winners who would get the “World’s cheapest car.” In a statement issued by the company it said that out of 2,06,703 applicants the company chose first 1,00,000 owners. The company also announced that it has finished the selection process of the “second phase” where it will give out Tata Nano to 55,021 customers. The company will start giving out the cars to the winners of the draw from next month and finish delivering the first one hundred thousand cars within March 2010. The whole selection process was done by a lottery.
In the launching ceremony of the Tata Nano on
About 67% of the total applicants (1,37,687 people) wanted to retain their bookings if in case they are not selected in the first draw. The company will return the booking amounts to those applicants who lost in the first draw and did not opt for the second draw. For the base model of Tata Nano, the booking amount was 95,000, Rs. 1,20,000 for the mid-level model and Rs.1,40,000 for the high-end model. The applicants who wanted to retain their bookings would be directly paid 8.5% interest on their booking amounts if their car is delivered within two years from the date of allotment and 8.75% if it takes more than two years.
Those who would not win the draw have a consolation prize. For unsuccessful applicants, Tata Motors is going to offer “Tata Indica Vista scheme.”