Holcim has said will defend the position of its two Indian units on the penalties imposed by the Competition Commission of India (CCI) for price fixing.
Yesterday, the CCI announced that it would fine 11 Indian producers a total of US$1.1bn, stating that they had created an artificial cement shortage “so as to reduce supplies and raise prices in times of higher demand," it said in its judgment.
The ruling applies to Holcim group companies ACC and Ambuja Cements (ACL), which have been fined approximately INR11.5bn and INR11.6bn, respectively.
Holcim said in response to the ruling: “In the context of the investigation, ACC and ACL have delivered all information and clarification requested by the authorities. However, each of ACC and ACL contest the allegations and findings against them in the CCI's order and will pursue all available legal steps to defend their respective position."