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CCI fines 48 LPG cylinder makers for manipulating Indian Oil bids

 |  February 27, 2012

The Competition Commission of India has fined 48 LPG cylinder makers for forming a cartel to bid on tenders floated by Indian Oil Corporation. After an investigation by the CCI’s Director General, the LPG cylinder manufacturers were found to have manipulated the bids by quoting identical rates in groups through collusive behavior. The Rs 165 crore fine (approximately $33.7 million) is set to be 7 percent of the average turnover of each contravening company.

Source: The Times of India


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