Chennai: Competition Commission of India (CCI) has imposed a penalty of Rs.420.26 crore on Hyundai Motor India Ltd for its anti-competitive policy, an official statement said on Tuesday.
The CCI passed the order on Monday, imposing penalty calculated at the rate of two percent of Hyundai Motor India's average turnover, the statement said.
Hyundai Motor India must deposit the fine within 60 days from the receipt of the order.
On the other hand, the CCI absolved Mahindra Reva Electric Car Company (P) Ltd and Premier Ltd from paying monetary penalty considering the mitigating factors that worked in their favour.
The CCI found the three car companies dominant in the aftermarkets for their respective brands, abused their dominant position under section 4 of the Act.
The car companies were found to be indulging in practices resulting in denial of market access to independent repairers as the latter were debilitated to provide services in the aftermarket for repair and maintenance of cars for want of genuine spare parts.
Further, these car companies were also found to be using their dominant position in the market for spare parts and diagnostic tools to protect their market for repair services, thereby distorting fair competition.
