SHANGHAI, Sept 29 (Reuters) - China's commerce ministry has
fined Canada's Bombardier BBDb.TO and a unit of local
trainmaker CRRC Corp 601766.SS 1766.HK 150,000 yuan ($23,572)
each for setting up a joint venture before obtaining prior
government approval.
Bombardier and CSR Nanjing Puzhen agreed to invest 125
million yuan each in November 2014 to set up the joint venture
but only notified regulators in December, violating the
anti-monopoly law, the Ministry of Commerce's anti-monopoly
bureau said in a statement on Tuesday.
It added that further evaluations had concluded that the
joint venture would not affect competition. The two firms had
agreed to develop and manufacture vehicles for urban and airport
transit systems, according to Bombardier's website.
CSR Nanjing Puzhen was a unit of CSR Corp, which was merged
with rival trainmaker China CNR to create CRRC Corp earlier this
year.
($1 = 6.3636 yuan)