The 106-page report by the Indian competition authority CCI is dated May 6, but has not gone public, writes Reuters, who claims to have read a copy. The basis is e-mail, telephone traffic and testimonials from employees.

According to the report, key people attended two meetings to discuss how the prices of ball bearings intended for the automotive industry could be raised.

In addition to SKF, German Shaeffler and Indian manufacturers Tata Steel and National Engineering Industries are accused of being part of the collaboration, which should have lasted at least from 2009 to 2011.

SKF denies crime

SKF claims in a statement that they have helped the investigators and denies that they have done something wrong.

CCI has the right to impose fines of up to three times the profit, or 10 percent of sales. According to reports to Reuters, the report is still being processed internally within CCI.

In 2014, SKF and five other manufacturers were fined for a European cartel that existed in 2004-2011. For SKF's part, the fine was SEK 2.8 billion.