When asked how soon the price increase will be effected, he said: "It could be during the festive season."
Explaining the reasons for such a step, Pareek said: "Input costs have increased and some of the industry players have already undertaken price hikes. Moreover, we have also not corrected our prices for a long time."
Tata Motors sells a range of passenger vehicles including the entry level small car Nano, newly launched hatchback Tiago and crossover vehicle Aria at a price range of Rs 2.15 lakh to Rs 16.3 lakh (ex-showroom Delhi)
Another homegrown rival Mahindra & Mahindra has hiked prices of some of its passenger and small commercial vehicles by up to 1 per cent from this month.
In August, Hyundai Motor India had announced to hike prices by up to Rs 20,000 across its models, while Maruti Suzuki India had also hiked prices of its various models by up to Rs 20,000.