India rules Tata Steel, SKF, Schaeffler units colluded on bearings prices
2020-06-08 08:26:34 [Print]
India's antitrust body has ruled that units of Sweden's AB SKF, Germany's Schaeffler AG and Tata Steel Ltd., along with local firm National Engineering Industries, are guilty of colluding and fixing prices of vehicle ball bearings.
The Competition Commission of India (CCI) began a probe into the matter in 2017 after receiving information that the entities had been colluding on bearings prices from 2009-2014, to pass on higher raw material costs to customers in the auto sector.
In an order issued last Friday, the CCI said it holds NEI, Schaeffler, SKF and Tata Bearing guilty of contravening the country's antitrust laws. However, it added that it had decided not to impose a penalty, saying the ends of justice would be met if the parties cease such cartel behavior and desist from indulging in it.
It was reported last year that CCI's investigations arm concluded that SKF India, Schaeffler India, Tata Steel's bearings unit and National Engineering Industries had contravened antitrust law by discussing and agreeing prices.
The Competition Commission of India (CCI) began a probe into the matter in 2017 after receiving information that the entities had been colluding on bearings prices from 2009-2014, to pass on higher raw material costs to customers in the auto sector.
In an order issued last Friday, the CCI said it holds NEI, Schaeffler, SKF and Tata Bearing guilty of contravening the country's antitrust laws. However, it added that it had decided not to impose a penalty, saying the ends of justice would be met if the parties cease such cartel behavior and desist from indulging in it.
It was reported last year that CCI's investigations arm concluded that SKF India, Schaeffler India, Tata Steel's bearings unit and National Engineering Industries had contravened antitrust law by discussing and agreeing prices.
