Update on Indian cement cartel investigation
Despite the name of 10 cement producers being presented to the Ministry of Corporate Affairs (MCA) for cartelisation practices, a senior official told Business Line that only the top three will be probed. “We were told to look into the top three only; I don’t know why the others were let off. But this does not give the others a clean chit. We may or may not look into them,” the official said.
Earlier, the MCA had ordered the Serious Fraud Investigation Office to probe only the top three: ACC, Gujarat Ambuja and Ultratech Cements. SFIO, in its report submitted to the Ministry, reportedly recommended action against the three manufacturers for price manipulation. Published under Cement News
