Tata Motors, whose wonder car Nano is eagerly awaited to hit the roads, is now developing an electric car, company Chairman Ratan Tata said on Thursday.

The company is also developing an eco-car in Thailand and has plans to bring out a new range of world-class trucks, he said.

Speaking at the company's AGM, Ratan Tata said FY 2009 will be a difficult but a not bad year for the company, which has recently acquired British luxury brands Jaguar and Land Rover.

The year ahead is expected to be a watershed year with major challenges. Higher fuel prices, inflation and high interest rates will negatively impact both commercial vehicles and passenger car sales.

While dealing with these challenges in India, the Tata Motors's operations will also have to absorb the cost of the JLR acquisition and deal with its integration, Tata said.

Jaguar and Land Rover would be priced in the range of Rs 60- 120 lakh, he added.

He added that Tata Motors would soon seek the mandatory permission from market regulator SEBI for its planned which Rs 7,000 crore rights issues to part fund its recent JLR.