Reuters are reporting that the Competition Commission of India (CCI) has imposed a 63.2 billion rupee (US$944 million) fine on ten cement companies and a trade body for price fixing.
The order issued by the anti-trust regulator held the companies and the Cement Manufacturers Association (CMA) responsible for acting together to fix prices.
The companies and the CMA shared details relating to prices, capacity utilisation, production and dispatch which led to restricted production and supplies in the market hurting consumers and the Indian economy.
Among the companies that received maximum fines were Ambuja Cements Ltd fined 11.6 billion rupees, ACC Ltd was fined 11.5 billion rupees, Ultratech Cement 11.8 billion rupees and Jaiprakash Associates Ltd 13.2 billion rupees.
CCI said interactions between the trade body and the cement companies were not confined to promoting the interest of the industry.
Read the article online at: https://www.worldcement.com/indian-subcontinent/05092016/cci-fines-cement-companies-million-price-fixing-190/