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Our Bureau

Bangalore , Dec. 21

TOYOTA Kirloskar Motor is set to increase prices of Toyota Innova and Corolla in January.

A press statement from the company said consistent steel price increases in the first half of 2005 followed by a sharp escalation in the cost of other inputs such as fuel, power and raw materials are the reasons for the proposed hike. The statement did not say by how much the prices will be increased.

The steady weakening in the value of the rupee has further impacted the procurement price, the statement said. "We are also facing a very stiff increase in logistics cost. Even as we have stepped up our efforts to contain cost increase impact by suitable measures, we have a substantial portion unabsorbed, thereby forcing us to consider a price revision," Mr. T Ino, Director, Marketing for Toyota Kirloskar Motor, said.

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