Monsato to cooperate in CCI probe; denies market abuse charge

Mahyco Monsato Biotech India Ltd (MMBL) today said it will cooperate with the investigation by the fair trade regulator CCI and expressed confidence that the allegation against the company relating to abuse of dominance would be "ultimately dismissed".
Finding prima-facie violation of competition law, the Competition Commission of India (CCI) has ordered a detailed probe into alleged abuse of dominance by an Indian arm of the US-based genetically modified seed giant Monsanto.
"...The 'order' today is only a prima facie opinion and merely recommends an investigation. It is not a reflection of any final conclusions. We are evaluating the order in detail and our options in respect thereof," MMBL said in a statement.

"MMBL has assured the CCI its full cooperation with the investigation and we remain confident that all allegations which the CCI proposes to investigate will be ultimately dismissed in their entirety," it added.
Stating that the company conducts business in an honest, transparent & respectful manner, MMBL said that it remains confident that this will be evident after all relevant information has been considered by the CCI.
MMBL also said that it must be noted that a member of the CCI has found no merit in the complaints filed with the CCI.

The company said that the Bollgard II technology provides tremendous benefits to Indian farmers and the licensing system fully complies with the relevant laws in India.

"Further, Indian farmers have the opportunity to choose from 6 approved technologies for biotech insect-protected cotton, in addition to the conventional methods such as chemical insecticides. The wide adoption of Bollgard and Bollgard II technologies by farmers in India is a testament of their choice and preference for the most effective solutions," the statement said.
Today, the farmer can choose to access MMBL's Bollgard II technology from over 800 approved Bt-cotton hybrids provided by around 45+ licensee seed companies.
"Bollgard technology has played a pivotal role in increasing cotton yields in India from 308 kg/hectare lint in 2001-02 to 570 kg/hectare lint in 2013-14 thereby generating an additional farm income of over $16.7 Billion," the company claimed.