India investigates fragrance giants over price collusion, document shows

International Flavors & Fragrances

25/08/2026 13:45

Givaudan, Firmenich and IFF face second Indian antitrust case 
Investigation report was recalled
Recall followed complaint that commercial secrets were not redacted
By Aditya Kalra
NEW DELHI, Aug 25 (Reuters) - Global fragrance makers Givaudan GIVN.S, Firmenich and International Flavors & Fragrances IFF.N face a second antitrust investigation by Indian authorities, according to a regulatory document seen by Reuters.
The latest case relates to alleged price collusion since 2024, said a source close to the matter, and follows an ongoing investigation into accusations that the companies struck labour anti-poaching deals. 
The companies have faced similar investigations over prices charged to their customers in foreign markets. The companies have said they are cooperating with global anti-cartel investigations. 
The confidential Competition Commission of India (CCI) document seen by Reuters was dated July 22 and described the new case as one related to "alleged cartelisation in the Indian fragrance industry" by the three companies.
The CCI, Swiss-based Givaudan and U.S. rival IFF did not respond to requests for comment on Tuesday. DSM-Firmenich DSFIR.AS, formed from the 2023 merger of Dutch speciality chemicals maker DSM with Firmenich, also did not respond.
Swiss and British antitrust regulators said in 2023 that they were investigating the three companies, and the European Commission has said it is looking into "possible collusion" related to supply of fragrances and their ingredients but has not named any targets.
     
REPORT RECALLED OVER UNREDACTED SECRETS
Details of price-fixing cases are not made public in India during the course of investigations.
In the case related to price collusion, the CCI teams drafted an investigation report with its findings and shared it with the companies in February, the watchdog's internal July 22 document showed.
But that report was recalled in July after Givaudan and IFF complained that their commercial secrets were not properly redacted, according to the CCI document.
The report will now need to be redrafted by the CCI, with the confidential information properly redacted, potentially slowing the two-year-old case.
"From a systemic perspective this will be of concern to CCI," said Gautam ⁠Shahi, an Indian ​antitrust lawyer at Dua Associates.
"Loss of relevant commercially sensitive data may harm competition in the market."
India's flavours and fragrances market is expected to reach $5 billion by 2033, versus $2.5 billion in 2024, ​according to Grand View Research.   

 (Reporting by Aditya Kalra
Editing by David Goodman)
 ((Email: aditya.kalra@tr.com; X: @adityakalra;))