The Competition Commission of India (CCI) has imposed more than Rs 6,700 crore penalty on 11 cement companies - UltraTech, Binani, Ramco, Jaiprakash Associates, JK Cement, Lafarge, India Cements, ACL, ACC, Century, Shree Cement, besides Cement Manufacturers’ Association (CMA) – for cartelisation.
The final order has been passed by CCI, pursuant to the directions issued by the Competition Appellate Tribunal (CAT) remanding the matter back, while setting aside the original order of the fair trade regulator, which had had also imposed fine on cement companies.
The CCI said that the cement companies used the platform provided by the CMA and shared details relating to prices, capacity utilisation, production and dispatch, thereby restricting production and supplies in the market. Further, the CCI also found the cement companies to be acting in concert in fixing prices of cement.
Penalties of Rs 1,147.59 crore on ACC, Rs 1,163.91 crore on ACL, Rs 167.32 crore on Binani, Rs 274.02 crore on Century, Rs 187.48 crore on India Cements, Rs 128.54 crore on JK Cement, Rs 490.01 crore on Lafarge, Rs 258.63 crore on Ramco, Rs 1,175.49 crore on UltraTech and Rs 1,323.60 crore on Jaiprakash Associates were imposed by read more..
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