Insecticides India Ltd (IIL) today said it is planning to increase product prices by 10 to 15 per cent with immediate effect, following high currency fluctuations coupled with steep hike in raw material prices.
According to Rajesh Aggarwal, Managing Director of IIL, 30 per cent of their product portfolio will have immediate price hike.
"The hike would be in the range of 10 to 15 per cent. We will implement it from the first week of January," Aggarwal told reporters in a press conference here.
The rupee downfall against world currencies added fuel to the fire, he added.
IIL's product prices range from a minimum of Rs 125 a litre to a maximum of Rs 6,000 a kg for new generation products, with the average price tag being Rs 300 a kg, he said.
Replying to a query, he said they expect to cross Rs 900 crore revenue mark during the current fiscal against Rs 650 crore of last year.
Aggarwal said IIL's joint venture with Japanese research firm Otsuka for R & D may file four/five patents next year, while the commercial launch of the products will take some more time.
