CCI Raids UltraTech, ACC, and Ambuja Cement

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CCI Raids UltraTech, ACC, and Ambuja Cement
Credit: © Reuters.

By Aditya Raghunath

Investing.com -- India’s anti-trust body, Competition Commission of India (CCI), raided the offices of cement giants UltraTech Cement (NS: ULTC ), Shree Cements Ltd. (NS: SHCM ), and ACC (NS: ACC ) and Ambuja Cements Ltd. (NS: ABUJ ). ACC and Ambuja are the Indian units of LafargeHolcim, the largest cement maker in the world.

In a statement to Reuters, Lafarge Holcim (SIX: LHN ) confirmed that CCI officials visited the Mumbai offices of ACC and Ambuja but could not give any further details as the matter is ongoing. The company did say that it is cooperating with authorities.

Simultaneous raids took place at the offices of all cement companies. Except for Lafarge Holcim, no company has responded to any media house for a statement. CCI did not respond to Reuters either. In 2019, Commerce Minister Piyush Goyal told Parliament that the CCI was investigating claims of cartelization in the cement industry.

This is not the first time the industry has come under scrutiny. In August 2016, the CCI had imposed a fine of Rs. 6,715 crore on 11 cement companies (including ACC and UltraTech). The fine also included a penalty on the cement trade association, Cement Manufacturers Association, for cartelization and fixing prices.

The Supreme Court stayed this order, directing the companies to pay only 10% of the fine amount.

UltraTech Cement is trading down 2.25%, Ambuja Cement is down 2.02%, ACC is down 1.52% and Shree Cement is down 2.34% at the time of this report.

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  • Tejash Dhanani @Tejash Dhanani
    curreption at all time high ...jay ho modi
    Like 1
  • niraj kumar @niraj kumar
    everybody knows about this
    Like 0
    • ashish tiwari @ashish tiwari
      corruption is being punished
      Like 0
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      100
  • Rakesh Prasad @Rakesh Prasad
    Corrupt corporate world.
    Like 0
  • Suresh Kumar @Suresh Kumar
    TCS
    Like 0

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