From their press release:

"Bajaj Auto Limited (BAL) and MotoCzysz LLC are proud to announce an agreement has been finalized to enter into a joint venture "Dream" project. The goal of this project is to uncover and explore the possibilities for a Next Generation automobile."

"The JV project will be a clean-sheet design, prioritizing safety, efficiency, performance and style. It will combine leading green technologies with innovative packaging and style solutions to create an affordable alternative to the traditional automobile."

From the balance of the press release, this green alternative fuel / propulsion system vehicle could be anything from an efficient alternative fuel internal combustion engine vehicle, to a parallel / series hybrid vehicle, to a battery / fuel cell electric vehicle.  Of interest is the teaming of an experienced low cost manufacturer in India with a very innovative alternative fuel / propulsion system vehicle design team.

As I have often foretold, expect to see competitive product to emerge from both India and China.