I went to Kia motors Township, Lahore today.
Their staff said that they will only launch one, it's not sure yet whether it will be Rio or Picanto, but it's confirmed that they will only launch one model.
They want to compete WagonR, Swift, Cultus type cars in market, so I believe they will launch Picanto 
Picanto will cost around 13 lacs, Rio will cost around 18 lacs 