/ Industry, News / India follows China and slaps 14 carmakers with fines after antitrust probe

India follows China and slaps 14 carmakers with fines after antitrust probe

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India follows China and slaps 14 carmakers with fines after antitrust probe

The country’s anti-monopoly enforcer has announced that 14 automakers will be fined a combined 25.4 billion rupees ($420 million) for breaching antitrust laws in the spare parts market.

India’s auto industry is now faced with the same type of investigation that made the headlines in China these past few months. A Competition Commission of India order, signed August 25, stipulates that the culprits must cede now an equivalent of 2% of their three-year average revenue in India.

“The car companies charged arbitrary and high prices for their spare parts,” said the statement of the commission. Car companies also “distorted fair competition.”

“Regulators are getting more aggressive in emerging markets, which is logically the right thing to do as the markets reach a certain threshold,” said Deepesh Rathore, director at Emerging Markets Automotive Advisors in Delhi.

Tata Motors was the worst hit by the penalty, the fine totaling 13.5 billion rupees, while Japan’s Honda Motor, which was fined 784 million rupees, was the first among foreign brands. According to the regulator, the automakers imposed their high prices by only providing spare parts to authorized repair shops. The price increases ranged from 19.9% to as much as 4.817 percent, as the commission found it was the case with Italy’s Fiat SpA.

Via Bloomberg

by Aurel Niculescu (my Google+) - Tuesday, August 26th, 2014 - filed under Industry, News. Image credit: .
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