The Indian Competition Authority refrains from imposing fines on four industrial and automotive bearings manufacturers for being part of a cartel (ABC Bearings / National Engineering Industries / Schaeffler / SKF / Tata Steel)

Key Points The existence of an agreement between four industrial and automotive bearings manufacturers was established in relation to price revision as well as minimum percentage of price increase to be quoted to automotive and industrial Original Equipment Manufacturer (“OEM”) customers. The existence of the cartel was established by way of records of meetings wherein pricing strategies were discussed as also through the call data records of the personnel of the bearings’ manufacturers. The CCI directed the parties to cease and desist from such coordinated actions without levying any penalty. Brief Facts The CCI initiated proceedings suo