Bharat Forge subsidiaries fined €32 million by German competition regulator
The investigations pertained to the period between 2004 and 2018 and were initiated by the FCO against several companies in Germany, Bharat Forge informed in a notice to the stock exchanges.
By Nehal Chaliawala, ET Bureau |
ETAuto
Mumbai: Germany competition regulator Federal Cartel Office (FCO) on Wednesday imposed a fine of €32 million (Rs 288 crore, approximately) on three local subsidiaries of Bharat Forge as part of a settlement in two separate investigations.
The investigations pertained to the period between 2004 and 2018 and were initiated by the FCO against several companies in Germany, Bharat Forge informed in a notice to the stock exchanges.
The company did not mention what the proceedings were about citing confidentiality agreements. “Our German subsidiaries had been under confidentiality obligations under applicable German laws with respect to these proceedings,” the notice read.
The settlement amount is to be paid over the next five years. The three subsidiaries involved are Bharat Forge Aluminiumtechnik GmbH, Bharat Forge CDP GmbH, and Bharat Forge Global Holding GmbH.
The investigations pertained to the period between 2004 and 2018 and were initiated by the FCO against several companies in Germany, Bharat Forge informed in a notice to the stock exchanges.
The company did not mention what the proceedings were about citing confidentiality agreements. “Our German subsidiaries had been under confidentiality obligations under applicable German laws with respect to these proceedings,” the notice read.
The settlement amount is to be paid over the next five years. The three subsidiaries involved are Bharat Forge Aluminiumtechnik GmbH, Bharat Forge CDP GmbH, and Bharat Forge Global Holding GmbH.
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