Friday, June 22, 2012

Huge penalty slapped on cement firms for cartel sale

Competition Commission of India (CCI) has slapped a hefty penalty of over Rs.6,300 crore on 11 cement producers, who were found violating the provisions of the Competition Act, 2002. The Act deals with anti-competitive agreements, including cartels.
The Commission has imposed a penalty on them “at 0.5 times of their profits for the years 2009-10 and 2010-11.’’
The 11 cement firms are: ACC, Ambuja Cements, Ultratech Cements, Grasim Cements (now merged with Ultratech). J.K. Cements, The India Cements, Madras Cements, Century Cements, Binani Cements, Lafarge India and Jaypee Cements.

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