New Delhi: Fair trade regulator Competition Commission of India (CCI) on Wednesday conducted raids at the offices of some cement companies, including LafargeHolcim.
LafargeHolcim, which is the parent firm of two leading cement manufacturers ACC and Ambuja Cements, has confirmed the development.
"LafargeHolcim confirms that ACC's and Ambuja Cement's offices in Mumbai were visited by the officials from the Indian Competition Authority yesterday i.e. 9th December," said a LafargeHolcim spokesperson.
"LafargeHolcim ACC and Ambuja Cement are fully cooperating with the authorities, but cannot comment further as the matter is ongoing," he added.
According to the media reports, the fair trade regulator has also searched the offices of the leading cement maker and Aditya Birla group firm Ultra Tech Cement and Shree Cement.
Comments from the Aditya Birla group and Shree Cement could not be ascertained by the time of filing story as the email send remained unanswered.
Earlier in the day, ACC and Ambuja Cements in a regulatory filing said "the CCI has initiated an investigation against cement companies in India including them for alleged anti-competitive behavior."
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"The Competition Commission of India (CCI) has initiated an investigation against cement companies in India including Ambuja Cements Limited regarding alleged anti-competitive behaviour," said Ambuja Cements.
ACC said it "is of the firm view that it has acted and continues to act in compliance with competition laws and we are fully cooperating with the investigation and providing all necessary information to the authorities."
According to the Cement Manufacturers Association (CMA), India is the second largest cement producing country after China with an installed capacity of 545 million tonnes.
CMA is the apex body of large cement manufacturer in India.
The Indian cement industry, which accounts for 8 per cent of the global cement installed capacity, is often mired by the controversy regarding the unfair trade practices and price fixation.
Earlier August 31 2016, the CCI had imposed a penalty of more than Rs 6,300 crore on 10 cement companies for cartelisation, along with CMA.
This was upheld by the National Company Law Appellate Tribunal, which is an appellate authority over the CCI, however, the Supreme Court had stayed it.
(PTI Report)
