The Competition Commission of India has imposed a penalty of Rs 6,307 Cr on 11 cement companies - ACC, Ambuja Cement, Ultratech, Grasim, JK Cements, India Cements, Madras Cements, Century Cements, Binani Cements, Lafarge India and Jaypee Cements. The order comes after the Commission held the cement companies guilty of "price cartelization" to harm the consumers. However, the loss to consumers due to such violations has not been quantified.
The cement companies, which have been slapped a penalty of over Rs 6,700 crore for price cartelisation, will have to comply with the Competition Commission of India (CCI) orders within 90 days. The order was passed following the probe by Director General (Investigation) on a complaint filed by the Builders Association.