Indian producers face alleged cartel fines

The Competition Commission of India (CCI) is expected to soon impose fines over alleged price collusion in the industry.

According to local press reports, the CCI is expected to fine 11 large cement manufacturers approximately INR3000crore for being guilty of a price cartel.

Business Standard of India quoted an unnamed source as saying: "The Competition Commission of India has found 11 cement firms guilty of cartelisation. The penalty of eight per cent of their three years' average turnover will be imposed on them."

The CCI probe was based on complaints by the Builders Association of India which alleged that the retail prices fixed by cement manufacturers were almost similar.