NEW DELHI: The Competition Commission of India (CCI) has imposed more than Rs 17 crore fine on Japan’s JTEKT Corp and its Indian subsidiary for cartelisation with NSK Ltd in supply of electric power steering systems to automotive manufacturers.
The regulator decided not to impose any penalty on NSK and its Indian subsidiary as the company had submitted the evidence about the cartel.
The case was taken up by the watchdog after NSK approached it under lesser penalty regulations. A detailed probe revealed that NSK and JTEKT as well as their Indian subsidiaries — RNSS and JSAI respectively — indulged in cartelisation in the EPS systems market for at least six years from 2005 to 2011.
The entities indulged in unfair business practices by directly or indirectly determining price and allocating markets, according to CCI.
The CCI probe covered the period till July 25, 2011, since Japanese Fair Trade Commission had conducted an on-site inspection of four Japanese companies including NSK and JTEKT, in connection with alleged cartelisation in another product.