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India conducts antitrust raids on tyre companies Ceat, Apollo, Continental-sources -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: A worker works in the Apollo Super Zone showroom at Mumbai, October 8, 2013. REUTERS/Danish Siddiqui

Aditya Kakra and Aditi Shaikh

NEW DELHI, (Reuters) – India’s antitrust agency raided Wednesday the offices of tyre firms including India’s Ceat and Apollo Tyres, as well as Germany’s Continental AG (OTC) (OTC:), in an alleged case regarding competition law violations. Four sources who have direct knowledge of the matter told Reuters.

Sources claimed that raids were carried out by officers from the Competition Commission of India, (CCI), in multiple cities.

Apollo and Continental didn’t immediately reply to our request for comment. Calls and messages to Ceat spokespersons were not returned.

According to one source, the antitrust investigation into unfair trade practices and bid rigging in the supply of tyres for public transport vehicles within the north state Haryana is being conducted.

Reuters reports that the CCI is currently investigating a Haryana state complaint in 2020.

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