(IndustryWeek – AFP)
India’s anti-trust watchdog has fined 14 automakers a total of $420 million for restricting competition in the spare parts market and driving up prices, an official said Tuesday, a few days after Chinese regulators took similar action.
The Competition Commission of India found domestic automakers and local units of global vehicle manufacturers guilty of “anti-competitive conduct” by restricting the number of spare parts. The commission said their actions had made parts costlier than necessary for some 20 million Indian consumers, with some markups as high as 4,800%. Read more here.