India's largest commercial vehicle manufacturer Tata Motors will hike price of its commercial vehicle range from October 1. The effective price hike in the range of 2 percent will be implemented basis the model and the variant of the vehicle, it said in a statement on Tuesday.

Tata Motors said in a statement:- "The continued rise in the cost of commodities, such as steel and precious metals, necessitates the company to pass on a part of it through increase in the price of the products. The company has further strived to minimize the increase in the price by absorbing a certain portion of the cost at various levels of manufacturing. Further, Tata Motors continues the efforts to deliver the lowest total cost of ownership for its customers and fleet owners."

Tata Motors, a USD 35 billion organisation, is a leading global automobile manufacturer of cars, utility vehicles, pick-ups, trucks and buses. Part of the USD 113 billion Tata group, it is India's largest and the only OEM offering an extensive range of integrated, smart and e-mobility solutions. The company has operations in India, the United Kingdom, South Korea, Thailand, South Africa and Indonesia through a network of 103 subsidiaries, 10 associate companies, three joint ventures and two joint operations.