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Fully cooperating with CCI investigation: Apollo Tyres

Another tyre maker Ceat Ltd had also confirmed a visit by the officials of the anti-trust regulator for a 'routine enquiry' but denied any wrongdoing in the conduct of its business.

March 31, 2022 / 11:00 AM IST
Apollo Tyres | The company reported lower consolidated profit at Rs 223.54 crore in Q3FY22 against Rs 443.8 crore in Q3FY21, revenue jumped to Rs 5,707.47 crore from Rs 5,194.66 crore YoY.

Apollo Tyres | The company reported lower consolidated profit at Rs 223.54 crore in Q3FY22 against Rs 443.8 crore in Q3FY21, revenue jumped to Rs 5,707.47 crore from Rs 5,194.66 crore YoY.

 
 
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Apollo Tyres on Thursday said it is cooperating with the investigation by the Competition Commission of India (CCI), asserting that it has acted in compliance with competition laws. CCI officials visited the offices of Apollo Tyre on Wednesday.

Another tyre maker Ceat Ltd had also confirmed a visit by the officials of the anti-trust regulator for a 'routine enquiry' but denied any wrongdoing in the conduct of its business.

"We are fully cooperating with the anti-trust regulator's investigation and have provided all the details required," a spokesperson of Apollo Tyres said in a statement.

The spokesperson further said, "We are of the firm view that we have acted and will continue to act in compliance with the competition laws." The spokesperson reiterated that the company "follows the highest level of governance practices and operates within the letter and by spirit of the law.

On Wednesday, a Ceat Ltd spokesperson in a statement said he CCI officials visited the company's office for a "routine enquiry". "As a responsible corporate we are cooperating with the authorities in the investigation," the spokesperson had said in a statement.

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The spokesperson further said, "We categorically deny any wrongdoing in our conduct of business."



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PTI
first published: Mar 31, 2022 11:02 am
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