An initial investigation of India’s Corporate Affairs Ministry showed no cartel by cement manufacturers, as per reports on CNBC-TV18.
The trio of cement major UltraTech Cement, ACC and Ambuja Cement (Gujarat Ambuja Cements) together control little over one-third of the country’s total cement manufacturing capacity.
The MCA had finalised its report on the basis of an SFIO investigation report and after taking responses of the companies into consideration.
The ministry had then forwarded its final report to the Competition Commission of India (CCI) for action.
