 "CCI")
The Competition Commission of India (CCI) antitrust body has ruled that units of Sweden’s AB SKF, Germany’s Schaeffler AG, and Tata Steel, along with local firm National Engineering Industries, are guilty of colluding and fixing prices of vehicle ball bearings.
The 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 a 36-page order issued on Friday, the CCI said it “holds NEI, Schaeffler, SKF and Tata Bearing guilty” of contravening the country’s antitrust laws.
However, the CCI added it had decided not to impose a penalty, saying the “ends of justice would be met if the parties cease such cartel behaviour and desist from indulging in it”. The order showed the case was initiated after Schaeffler in 2017 filed a so-called leniency application, in which companies seek lesser penalties and make disclosures about their activities.
National Engineering Industries also filed a similar plea under the leniency programme, the CCI order said. Tata Steel’s bearings division, SKF, Schaeffler and National Engineering Industries did not immediately respond to a request for comment.
Reuters reported last year that CCI’s investigations arm concluded that these companies had contravened antitrust law by discussing and agreeing prices.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
