India's antitrust watchdog raided units of global commodities trader Glenco...
NEW DELHI - India’s antitrust watchdog raided units of global commodities trader Glencore and two other firms in Mumbai on Saturday in an inquiry into alleged collusion on the price of pulses, four sources with knowledge of the raids told Reuters.
The Competition Commission of India has been investigating allegations that the companies formed a cartel to discuss the pricing of pulses while importing and selling them in the Indian market at higher prices in 2015 and 2016, when India faced an acute shortage, the sources said. “The collusion by these companies led to higher prices of pulses,” one of the government sources said, adding that the CCI’s inquiry started three months ago.
Another source, an industry executive, told Reuters that CCI’s search involved going through company records at Glencore’s office in Mumbai, confirming it was part of the watchdog’s probe into accusations of fixing import prices.
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