Indian antitrust regulators search Apollo Tyres

MUMBAI, India—The Competition Commission of India conducted a search of Apollo Tyres premises on March 30.

In a March 31 statement to the BSE Stock Exchange, the tire maker said it was "fully cooperating" with the antitrust 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 antitrust authority had raided the offices of Continental A.G., Apollo Tyres and Ceat Ltd. 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."

In February, 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 Feb. 2, the CCI said it had imposed a total penalty of $236 million (INR 17.8 billion) against tire makers Apollo Tyres, MRF, Ceat, JK Tyre and Birla Tyres, as well as a penalty of $11,133 on ATMA for cartel activities.

Apollo Tyres ranks No. 15 in the 2021 Global Tire Company Rankings, according to Rubber News data, with 2020 sales of nearly $2.3 billion.