Cement cos fined for cartelisation

Cement cos fined for cartelisation

The Competition Commission of India (CCI) on Wednesday imposed a penalty of more than Rs 6,700 crore on 11 cement companies including ACC and UltraTech for cartelisation.

A fine was also imposed on Cement Manufacturing Association. Acting on an information filed by the Builders Association of India, the CCI said, the actions of the companies and the CMA are not only detrimental to the interests of consumers, but also to the whole economy as cement is a critical input in construction and infrastructure industry, and vital for economic development.

A fine of Rs 1147.59% was imposed on ACC, Rs 1,163.91 crore on ACL, Rs 1,175.49 on UltraTech, Rs 274.02 on Century, and Rs 1,323.60 crore on Jaiprakash Associates, an official release said.

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