Update: Photos of Ford Mustang GT Premium Fastback Spied Testing in India: Price, Release Date, Specifications [PHOTOS]

Updated with spy shots of Ford Mustang GT Premium Fastback in India on 6 July, 2015.

All muscle-car lovers in India will finally rejoice to the news of Ford Mustang's long-awaited arrival in the country this year. The iconic pony car was spied testing at the Automotive Research Association of India (ARAI) in Pune for government approvals.

Once the legal formalities are completed, it is up to Ford to start shipping their masterpiece for Indians. As per reports, the car will be released during Diwali this year.

Mustang GT Premium Fastback was pictured and reported exclusively by Gaadi.com and CarDekho websites in India. According to these publications, the Mustang is undergoing testing at ARAI facility for its fuel economy among other certifications required by Indian motor authorities.

For those who like to take a peek under the Mustang's hood, the spied model impressively boasts a 5-litre V8 engine that produces 434PS and powerful 542Nm torque. According to Gaadi.com, the GT Premium Fastback model shown in the images is equipped with a 6-speed SelectShift automatic transmission. Sadly, for those who wish to control their paddle shifts, there is no information as to when and if the manual transmission will make its way to India. Even so, the 5.0-litre V8 can achieve 0-100km/h in just 4.5 seconds.

The spied Ford Mustang dons a sporty orange paint, automatic HID headlamps, LED fog lamps, LED tail lamps and rear diffuser as standard fittings. In addition, the safety of the driver and the passenger is met with high standards as the car features two air bags in the front along with curtain and knee bags for added protection.

Inside the car, we see leather front seats with six-way power adjustments and AC and heater units. According to OverDrive, the rear seats have 50:50 split folding and the drivers's seat gets power seats and Lumbar controls.

While there is no in-depth knowledge on the pricing of GT Premium Fastback, the report suggests a 60-70 lakhs price range. Ford Mustangs have two other variants besides Mustang 5.0, as previously reported.

The cheaper alternatives include a 3.7 litre V6 powered engine pushing 300 horses down the pipes with 366Nm and an all-new 2.3-litre EcoBoost engine with 305bhp and 406Nm. There is no information whether Ford is planning to release these two variants in India alongside its premium model.

Images Credit: CarDekho