India’s antitrust body has ruled that units of Sweden’s AB SKF, Germany’s Schaeffler, and Tata Steel, 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 a 36-page order issued on Friday, June 5, the CCI announced it “holds NEI, Schaeffler, SKF and Tata Bearing guilty” of contravening the country’s antitrust laws.
Full Content: Reuters
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