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Cement companies ask Cci for more time to file response on cement cartelization: sources

Cement companies are looking for time the competition commission of india (CCI) to file their reply in the allegations of cement cartelization matter, informed sources CNBC-TV18.

ACC Limited, UltraTech Cement, Dalmia Cement, Shree Cement, NUVOCO Vistas Corp Ltd and Ambuja Cements, as well as cement companies and manufacturers’ associations have asked CCI for more time to file their response on alleged cartelization.

According to sources, the investigation, which began in 2019 and ended in July this year, found that the following companies were engaged in anti-competitive agreements.

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The investigation revealed evidence of a cartel operating in the eastern and southern regions of the country, with up to 20 cement companies, 60 government officials and manufacturers’ associations under the CCI scanner.

She also uncovered evidence of price cartelization. He claims to have found evidence of price-fixing through phone conversations, emails and WhatsApp chats, the sources say.

The CCI has asked the cement manufacturers and the industrial association to submit their response on this subject by the beginning of August.. The TCC must now hold the final hearing by the end of September.

Meanwhile, cement stocks ended mostly in the green on Tuesday. While ACC Limited ended up 2.62% at Rs 2,348.15, Ambuja Cements closed up 5.52% at Rs 441. On the other hand, Shree Digvijay Cement ended up 0 .88% at Rs 68.80.

First post: STI