Nongshim, Samyang Foods, Ottogi and Korea Yakult fixed prices of instant noodles on six different occasions from 2001 through 2010, the Fair Trade Commission said in a statement.
The companies systematically exchanged information for price-fixing in a market where their combined market share is almost 100 per cent, it said.
Nongshim incurred most of the fine for its alleged key role in the price-rigging.
The company, which accounts for some 70 per cent of the country's instant noodle market valued at some two trillion won last year, was fined 107.8 billion won (S$120.6 million).
Nongshim denied the allegation. "Because of our dominant market share, there is no need for us to collude with others," a spokesman said.
He said the company did not accept the regulator's verdict and might consider a legal battle.
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