Renault India has announced a hike of Rs. 1,00,000 in the price of the Koleos sports utility vehicle effective from January 1, 2012, in the light of the depreciating Indian Rupee. The Koleos will now be priced at Rs. 23,99,000 (Ex-showroom Delhi) instead of its earlier price Rs. 22,99,000. The SUV was launched by Renault India in the month of September 2011 and is being fully imported for the Indian market.
According to Mr. Marc Nassif, Renault India Managing Director, the price hike for the SUV is necessary for the company due to the increase in the cost of raw material and the currency fluctuations. He added that until now the company had been absorbing the increase in costs but now it plans to share the burden with its customers. The Indian Rupee has depreciated by more than 18 percent in the period August to November 2011.