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India: Monsanto India shares down as CCI orders probe

By  |  February 18, 2016
India: Monsanto India shares down as CCI orders probe

Shares of agri-biotechnology major Monsanto India fell by 4% on Thursday after fair trade regulator Competition Commission of India ordered a detailed probe against its US-parent joint venture Mahyco Monsanto Biotech India a 50:50 joint venture between Mahyco and Monsanto Holdings.

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    The majority order, passed by 6 out of 7 members including Chairman of the Competition Commission, follows two separate complaints filed against MMBL — one by the Agriculture Ministry and another by three domestic seed companies — alleging abuse of dominance in the country’s Bt cotton seeds market.

    The ministry had referred to the CCI complaints filed against MMBL, including about “abuse of dominant position by charging unreasonably high trait fees (royalty) for Bt cotton seeds”.

    Mahyco Monsato Biotech India has said it will cooperate with the investigation by CCI and expressed confidence that the allegation against the company relating to abuse of dominance would be “ultimately dismissed”.

    Full content: Business Insider

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