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After regulator fine, automakers announce investments in India

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After regulator fine, automakers announce investments in India

Automakers operating in India seem to go by undeterred by the country’s regulator move to mirror China’s investigations into accusations of antitrust law breaches.

India’s anti-monopoly enforcer recently revealed it was slapping 14 carmakers with a combined penalty of 25.4 billion rupees ($420 million) because they all circumvented the law when dealing with the spare parts market. The investigation mirrored the intense scrutiny from Chinese antitrust enforcers that triggered price reductions at many foreign brands operating locally.

Among the worst hit by the penalty was domestic automaker Tata Motors – which was relegated the biggest portion of the fine, 13.5 billion rupees. The owner of British premium brands Jaguar and Land Rover has now announced it moves to invest in India’s western state of Maharashtra to expand manufacturing capacity. There are also other carmaker implicated in the investment, such as Germany’s Volkswagen AG, all of them pledging a total of 115 billion rupees ($1.9 billion) through India’s state government industrial project policy. The program was unveiled in 2005 and is designed to spur investment into the country’s manufacturing industry.

Tata Motors, the largest local automaker by revenue and Mahindra & Mahindra, India’s biggest utility vehicle maker both announced an investment of 40 billion rupees each, according to the Maharashtra government. Bajaj Auto Ltd also pledged 20 billion rupees, while Volkswagen will add another 15 billion rupees.

Via Reuters

by Aurel Niculescu (my Google+) - Friday, August 29th, 2014 - filed under Industry, News, Others, Tata, Volkswagen. Image credit: .
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