Competition Commission of India (CCI) has found, in a preliminary investigation, that six cement companies in the northeast region have formed a cartel.
“In fresh investigations, six large cement manufacturing firms have been found to be forming a cartel,” a source close to the development said.
CCI has previously imposed heavy fines on cement companies and the Cement Manufacturers’ Association (CMA) totalling more than INR 60 billion in 2012, and more than INR 67 billion in 2016.
The companies involved in the newly formed cartel have been directed ‘to cease and desist’ from such activities.