Indian Railways tender case: CCI imposes Rs 62-cr penalty on three firms

Feb 07 2014, 12:54 IST
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SummaryCCI imposed a penalty of Rs 54.70 cr on Escorts; Rs 1.91 cr on Stone India, Rs 5.70 cr on Faiveley Transport Rail Technologies.

Finding them guilty of cartelisation with respect to a tender for an Indian Railways undertaking, the Competition Commission of India (CCI) has imposed a penalty of Rs 62.31 crore on three engineering companies. The penalty was imposed based on a complaint made by Diesel Loco Modernisation Works (DLMW), a unit of Indian Railways at Patiala, Punjab.

According to an official statement, CCI imposed a penalty of Rs 54.70 crore on Escorts; Rs 1.91 crore on Stone India, and Rs 5.70 crore on Faiveley Transport Rail Technologies.

“The penalty has been worked out on the basis of 2% of average turnover of these companies for the three financial years from 2009-10 to 2011-12,” the statement said.

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