Apollo premises searched by Indian competition authorities

Mumbai, India – Apollo Tyres has announced that its premises were searched by Competition Commission of India (CCI) on 30 March.

In a 31 March statement to the BSE Stock Exchange, the tire maker said it was “fully cooperating” with the anti-trust regulator’s investigation and had provided all the details required.

“We are of the firm view that we have acted and will continue to act in compliance with the competition laws,” said the filing.

“We would like to reiterate that the company follows the highest level of governance practices and operates within the letter and by spirit of the law,” it added.

The Apollo statement came a day after a news report by Reuters which claimed that the anti-trust authority had raided the offices of Continental AG, Apollo Tyres and Ceat in multiple Indian cities.

Citing informed sources, the Reuters report said the case was related to an investigation into “the use of unfair practices and rigging of bids while supplying tires for public transport vehicles in the northern state of Haryana.”

Last month, the CCI fined five local tire makers and the Indian Automotive Tyre Manufacturers Association (ATMA) for price-fixing activities dating back to 2011-2014.

In a statement 2 Feb, the CCI said it had imposed a total penalty of INR17.8 billion (€208 million) against tire makers Apollo Tyres, MRF, Ceat, JK Tyre and Birla Tyres, as well as a penalty of Rs840,000 on ATMA for cartel activities.