In this price it will be a heavily stripped down Rio with same engine and features as Picanto.
If i am not wrong, Cerato is a bigger car. To compete with City/Alsvin/Yaris Kia can use higher-spec variants of Rio (or do the extra work to bring Rio sedan here which is very very unlikely).
If people here ignore that Rio is a hatchback, it is a very good car, quite spacious. I visited Kia when they had Rio parked for display. At that time the saleswoman told that Kia is currently deciding between Rio and Picanto, and will bring only one, not both.