Mumbai, 20th Jan 2017: The Hon’ble Competition Commission of India (CCI) has issued an order against several cement manufacturers including Ambuja Cement and has imposed a fine at the rate of 0.3 percent of the average turnover of the last 3 financial years, amounting to Rs 29.84 crore. This is on the basis of complaint filed before the CCI by the State of Haryana, alleging that Ambuja Cement and other cement companies had indulged in anti-competitive practices by collusive pricing and limiting supply.
Ambuja Cement has taken note of the order by the CCI and is disappointed with the outcome. The company intends to file an appeal to defend our position before the Competition Appellate Tribunal (Compat).
The order relates to the competition law proceedings started in 2013 which aimed at investigating the conduct of several leading cement manufacturers in India including Ambuja Cement. In the context of the investigation, Ambuja Cement has delivered all the information and clarifications requested by the authorities.
Ambuja Cement has a comprehensive fair competition compliance program including detailed policies, training, and a detection and remediation process. The Group has a long-standing commitment to fair competition as reflected in its Code of Business Conduct.
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