An Indian antitrust probe has found that units of Tata Steel, Sweden’s AB SKF, and Germany’s Schaeffler AG colluded on the pricing of bearings, according to an investigation report seen by Reuters.
The Competition Commission of India (CCI) began an investigation in 2017 after receiving allegations of five companies colluding on bearings prices from 2009-2014 to pass higher raw material costs onto customers in the auto sector.
According to the New York Times, bearings reduce friction in moving parts, helping smooth the operation of vehicles. India’s bearings market is dominated by SKF and Schaeffler and is worth US$1.3 billion, showed data from ICRA Research.
CCI’s investigations arm, in a report dated May 6 which has not been made public, stated it analysed company emails, call records, and executive testimonies and concluded that SKF India Ltd, Schaeffler India Ltd, National Engineering Industries, and Tata Steel’s bearings division contravened antitrust law by discussing and agreeing prices.
Full Content: New York Times, Reuters
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