India's competition watchdog is reviewing accusations that France's Pernod Ricard colluded with retailers in New Delhi to boost market share, the latest headache for the spirits giant in a key market, legal papers seen by Reuters show.
Item 1 of 2 Absolut vodka bottles are seen displayed, amid the outbreak of the coronavirus disease , at a liquor store in Amman, Jordan, October 21, 2020. REUTERS/Muhammad Hamed/File PhotoAbsolut vodka bottles are seen displayed, amid the outbreak of the coronavirus disease , at a liquor store in Amman, Jordan, October 21, 2020.
The Competition Commission of India is reviewing the case and can order a full investigation, or dismiss the accusations if not borne out, said a source familiar with the matter who spoke on condition of anonymity. Drawing on the findings, the CCI complaint accuses Pernod of providing $24 million in corporate guarantees to its bankers in 2021 to help city retailers get loans. Retailers then ensured that 35% of the stock in their shops consisted of Pernod brands.
Pernod's "support" of $24 million to bidders for store licences had the potential to generate an additional $15 million "benefit over a three-year period" and the move "will also enable us to counter local players' threat", the email said.
MTPIX FBOX TOPNWS ACB BACT BEV BEVS BIZ CLJ CMPNY CRIM FOBE FRAUD1 GEN LIQS LIQS1 MNGISS MONOP NCYC NEWS1 PUBL REGS TOPCMB SASIA WEU IN EUROP EZC EMEA ASXPAC EMRG ASIA FR MAN SUSTAINABLE-BUSINESS FIN
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Mama's Day tasting event returns with new leader, new location and new dateNow in its 33rd year, the annual food event raises money for Mama's Kitchen charity, which provides home-delivered meals to critically ill San Diegans
Read more »
‘New energy, new era’: Texans unveiling new uniforms ahead of NFL DraftTexans to unveil four new uniforms April 23 at reveal party
Read more »
Texans unveil new uniforms, helmets: ‘New energy, new era’Texans roll out new uniforms
Read more »
2025 Indian Scout lineup revamped with classic looks and new techIndian revamps the 2025 Scout with classic looks and new tech, starting with a new frame, to a new engine, new looks, new accessories, and a lot more tech.
Read more »
New Delhi chokes as trash mountain fire spreads hazardous fumesIndia’s capital choked on toxic fumes Tuesday, as a thick and pungent haze spread from a fire at a towering trash dump, the latest in a series of landfill blazes that authorities have struggled for years to bring under control.
Read more »
How to clean up New Delhi's smoggy airAn international study led by atmospheric researchers at PSI shows for the first time what portions of particulates in the air over northern India are especially harmful to health.
Read more »