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CCI imposes penalty of around Rs 6,000 crore on 11 cement companies

22 Jun 2012 Evaluate

The Competition Commission of India (CCI) has imposed a penalty of around Rs 6,000 crore on 11 cement companies for forming price cartel. The penalty accounts for 50% of their net profit for the fiscal years ending in March 2010 and March 2011. Even the industry body Cement Manufacture Association (CMA) was also fined with Rs 73 lakh.

The companies, on which penalty have been imposed are ACC, Ambuja Cements, Ultratech Cement, Grasim Cements now merged with Ultratech Cements, JK Cements, India Cements, Madras Cements, Century Cements, Binani Cements, Lafarge India and Jaypee Cements.

While imposing the fines, the CCI has taken into effect the coordinated behavior of cement companies in pushing up prices and inadequate dispatch and supply in the market. It also found that cement companies have not used the available capacity in order to reduce supplies and increase the price in times of higher demand.

This act by the cement companies in limiting and controlling supplies in the market and determining prices through an anti-competitive agreement is not only harmful to consumer but also to the whole economy as cement is an important input in construction and infrastructure industry, which is very essential to the economic development of the country.

The cement companies are being told to pay the fine within 90 days. They have been further told not to indulge in any wrong doing related to pricing and supply and demand in the market. The CMA has been asked not to associate itself in collecting wholesale and retail prices through member cement companies. India is the second biggest producer of cement after China with more than 50 companies operating around 125 large plants.

Meanwhile the cement companies are denying any involvement in price cartel and they are likely to challenge the CCI order of imposing hefty penalty before the Tribunal.

Earlier in April, the CCI heavily fined agrichemical companies United Phosphorous and Excel Crop Care, among others, after they were charged with conspiring while submitting bids for a tender for a government project.

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CCI imposes penalty of around Rs 6,000 crore on 11 cement companies

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