Mumbai-based Rediffusion DY&R has bagged the prestigious account to handle the nationwide creative duties for the much-touted and long-awaited Tata Nano. The car, which is arguably the world's cheapest car, is slated for launch on 23 March.

Commenting on the win, Mahesh Chauhan, group CEO, Rediffusion Y&R, said, ''The Nano is a collective dream of the Tata Motors team and millions of Indians. We feel privileged that Tata Motors has selected us to partner this dream and share it with India. It is one of the most exciting brands in the country to be associated with.''

It may be recalled that in January 2008, Rediffusion Y&R handled the launch and introductory communication on the revolutionary car that would change the way India travels.

The low-cost Nano, which is expected to roll out on the roads in the first week of May, will be sold through an exclusive financing deal between Tata Motors and State Bank of India, much to the disappointment of other banks (See: SBI, sole booking agent for Nano, freezes car loan rates at 10 per cent) 

However some of the private sector banks claim that they will launch their schemes only after reviewing the booking pattern of the car. They will make sure that no speculative orders are placed.

At the same time banks will review the varying interest rate considering the income slab of the buyer. The banks feel that most of the car buyers would the two-wheeler migrants and therefore they want be sure of the demand prospectus along with the bank's buyer's ability to repay before coming out with a scheme for Nano.

Meanwhile, the website of Tata Motors featuring the 'Nano' has already registered a phenomenal 30 million hits or visits since the car, with a base-price tag of Rs100,000, was first unveiled.

Tata Motors Chairman Ratan Tata had said last year that he would retain the price tag at Rs100,000 for the base model despite input costs shooting up. But since then, steel prices have plunged by up to 40 per cent from early 2008 levels and overall demand in the economy too has witnessed a slump. The company had announced the low-cost car project in 2006.

Currently Nano is on a pilgrimage across the country and will visit sacred sites of all religions before it hits the road commercially.