CCI hands down record fine of $1.1 billion for cement cartel
Jun 21, 2012
The Competition Commission of India (CCI) has fined 11 cement manufacturers and the Cement Manufacturers Association over Rs 6,000 crore (approximately $1.1 billion). The penalty marks the largest fine ever imposed on companies by the CCI.
The CCI found that the companies limited and controlled the supply and price of cement through an anti-competitive agreement. The companies intentionally neglected to use available capacity so that they could reduce supply and raise prices. The Cement Manufacturers Association had been collecting price information from its members, and distributed information on production and supply of cement companies to its members.
The 11 cement companies are: ACC, Ambuja Cements Ltd, UltraTech Cements, Grasim Cements (now merged with UltraTech Cements), JK Cements, India Cements, Madras Cements, Century Cements, Binani Cements, Lafarge India and Jaypee Cements.
Full content: Hindu Business Line
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