Cement News tagged under: Competition Commission of India

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CCI finds six companies have formed a cartel

14 February 2018, Published under Cement News

In a preliminary investigation, the Competition Commission of India (CCI) has found that six cement companies have formed a cartel. Although this enquiry focussed on the northeast region it will widen to other locations, reports the Business Standard. "In fresh investigations, six large cement manufacturing firms have been found to be forming a cartel," said a source close to the development. In 2016, 11 companies and the Cement Manufacturers Association were issued a total penalty of ...

UltraTech Cement

27 February 2017, Published under Cement News

It is a busy time for UltraTech Cement. Not only should its deal to buy the assets of Jaiprakash Associates conclude soon, adding over 20Mta of cement production capacity and boosting its market share from 18 to 22 per cent, the company is also deciding whether to contest the fine imposed by the Competition Commission of India (CCI) in January for alleged bid rigging. Five of the seven companies fined by the CCI have already opted to take the matter to the Competition Appellate Tribunal, wi...

India: Seven cement firms fined for bid-rigging

20 January 2017, Published under Cement News

The Competition Commission of India (CCI) has imposed fines totalling more than INR2bn (US$30m) on seven cement firms it found guilty of colluding in their responses to a 2012 tender from Haryana state, Indian media reports. The companies have each been fined 0.3 per cent of their average annual turnover for the past three years. Ultratech faces the largest penalty, at INR683m – around a third of the total. The other firms fined were Jaiprakash Associates, ACC, Ambuja Cements, Shree Cemen...

India Cements receives stay on CCI fine

29 November 2016, Published under Cement News

India Cements received a stay order following its appeal of the decision made by the Competition Commission of India (CCI) to impose a INR1.87m fine on it for unfair pricing practices. On 31 August, CCI imposed penalties of around INR67bn on 10 cement companies and the Cement Manufacturers’ Association for cartelisation. COMPAT imposed a condition that India Cements would have to deposit 10 per cent of the penalty in the registry of the tribunal in the form of six-month fixed deposit with...

UltraTech Cement

27 September 2016, Published under Cement News

UltraTech is one of 10 companies being fined by the Competition Commission of India (CCI) for allegedly conspiring to fix cement prices, contravening competition law. The total fine amounts to US$944m, 76 per cent of which is being borne by UltraTech, Jaiprakash Associates, Ambuja Cements and ACC. Other firms being penalised include Lafarge Century, Ramco, India Cements, Binani and JK Cements. The Cement Manufacturers Association (CMA) is also been ordered to pay US$110,000. The fine foll...

Indian cement producers to appeal CCI fines

02 September 2016, Published under Cement News

LafargeHolcim, India Cements and Ramco Cements have said that they will appeal against yesterday’s ruling by the Competition Commission of India (CCI) which levied fines totalling INR67bn (US$1bn) against 11 firms, the Press Trust of India reports. Four of the other affected companies – UltraTech, Shree Cement, Jaiprakash Associates and JK Cement – have said they will seek legal advice and may subsequently submit appeals of their own. LafargeHolcim has said it believes it has a strong ...

Competition Commission of India imposes US$944m fine for cartelisation

01 September 2016, Published under Cement News

The Competition Commission of India (CCI) has levied a fine of INR63.2bn (US$944m) on 10 cement companies whom it accuses of conspiring to fix prices in contravention of competition law. In addition, the Cement Manufacturers Association has been ordered to pay a INR7.3m fine. Of the 10 companies, four – Jaiprakash Associates, UltraTech, Ambuja Cements and ACC – will bear the brunt of the penalties, accounting for 76 per cent of the total fine. The other firms fined today are Lafarge, Cent...

Conch offer shows price just one factor in Lafarge deal

14 July 2016, Published under Cement News

China’s Anhui Conch lost out in the race to acquire Lafarge India despite the fact that its offer of INR95bn (US$1.4bn) was higher than the INR94bn bid submitted by Nirma Group, the eventual winners. In an article published today, Mint examines some possibilities behind Anhui’s failure. The paper dismisses suggestions that the Competition Commission of India intervened directly to block its bid but does lend support to the idea that Lafarge was happier to reach agreement with a domestic f...

LafargeHolcim receives revised divestment order from India

09 February 2016, Published under Cement News

LafargeHolcim has received a revised order from the Competition Commission of India (CCI) to divest its interest in Lafarge India, including three cement plants and two grinding stations with total capacity of 11Mta. " The proposed transaction is an alternate remedy for the merger of the group's legacy companies and now forms part of the company's CHF3.5bn (US$3.54bn) divestment target in 2016," LafargeHolcim said in a statement. Last week the building materials giant said it was reviewi...

CREDAI files complaint with India regulator

06 October 2015, Published under Cement News

The Confederation of Real Estate Developers’ Associations of India (CREDAI) has filed a complaint with the Competition Commission of India (CCI) against cement manufacturers for the alleged manipulation of cement prices. In its submission to the Commission, CREDAI has pointed out that the cost of raw materials used in manufacturing cement has fallen between January and September this year, yet customers are yet to feel the benefit. CREDAI believes that the cement firms are working in tande...