New Delhi: Ferrari is expanding its presence in India to five cities and is more than willing to grant benefits of the proposed EU-India free trade agreement to its customers here, the Italian luxury sports car maker's senior leadership said. It will open dealerships in Chennai and Ahmedabad, adding to its existing presence in New Delhi, Bengaluru and Mumbai.

Ferrari chief executive Benedetto Vigna and other senior leaders spoke to reporters in New Delhi where the automaker is holding an exhibition, its first in the country.

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"The first edition (of the exhibition) in India reflects the importance we place on building an enduring relationship with this nation and its growing community of Ferraristi, clients and enthusiasts," Vigna said.

The proposed EU-India trade pact could boost demand in India for luxury sports cars from European manufacturers including Ferrari by driving down their duties, which are expected to fall to as low as 10% over time from 110%.

"It (EU-India FTA) is a turning point for the market towards the luxury sports car segment. Ferrari was one of the first brands after the FTA was announced to convey that we are ready for that and more than willing to grant clients the benefits," said Francesco Bianchi, president, Ferrari Far and Middle East.

Ferrari will partner with the KUN Group to set up its presence in Chennai and with the Infinity Group for a new dealership in Ahmedabad.

The company has also unveiled an electric vehicle, Luce, at the exhibition for launch in the Indian market.

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The proposed EU-India trade pact does not cover electric vehicles imported from European countries.

Ferrari has tied up with students at India's National Institute of Design to create models that could incorporate attributes of ten Indian cities. This could provide a local flavour to the design and feel of its cars if these computer prototypes go into development. The cities chosen are: Mumbai, New Delhi, Bengaluru, Chennai, Jaipur, Hyderabad, Kolkata, Ahmedabad, Varanasi and Goa.