Shree Cement fined by regulator for price fixing, India

Shree Cement Ltd has been fined US$72m by the Competition Commission of India (CCI), the watchdog said in a statement, making it the 12th cement company to be fined for cartel practices.

Shree Cement has been fined INR3.98bn (US$72m), the equivalent of 50 per cent of its net profit for the financial years ending in 2010 and 2011, the CCI said in the statement.

In June, 11 cement makers were fined a combined US$1.1bn by the CCI in June for collusion and price fixing, the biggest penalty ever imposed by the regulator in its three-year existence.