Tuesday, March 1 2005 22:22 Hrs (IST) - World Time -

Bangalore: Toyota Kirloskar Motor (TKM) today (March 1, 2005) announced a cut in the price of Toyota Corolla by Rs 32,000 and of its recently launched Toyota Innova by Rs 14,000 on the ex-showroom price following customs duty reduction announced in the Union budget.

The price of the Corolla would range between Rs 9.62 lakh and Rs 11.68 lakh (ex-showroom Bangalore), the company said in a statement in Bangalore.

The petrol version of Innova is priced between Rs 6.60 lakh and Rs 9.15 lakh (ex-showroom Bangalore), while diesel is priced between Rs 7.19 lakh and Rs 9.73 lakh, it said.

The onroad prices vary depending on the prevailing local taxes. "We have studied the impact of the customs duty cut announced by the Union Finance Minister Mr P Chidambaram. In keeping with our policy of "Customer First", we are happy to pass on the benefit of this reduction to our customers", Toyota Kirloskar Managing Director A Toyoshima said.

TKM is a joint venture between Toyota Motor Corporation and the Kirloskar Group. TKM has invested Rs 900 crore on its Bidadi plant near Bangalore, which has an annual production capacity of 60,000 units.