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.
Your email address will not be published. Required fields are marked *
Save my name, email, and website in this browser for the next time I comment.
Sign me up for the newsletter!
Notify me of follow-up comments by email.
Notify me of new posts by email.
Ranbir Kapoor decides to go ‘SINGLE’
Get ready for a unique experience that will leave you awestruck and take you in a state of tranquility
Unique experiences at Lodha Belmondo
INDIA’S TOP STUDENT VOLUNTEERS FELICITATED AT THE 10th ANNUAL PRAMERICA SPIRIT OF COMMUNITY AWARDS
‘Indian parents and children have varied views on health & well-being, reveals Aditya Birla Health Insurance’s – ‘Indian Parental Care Survey’
2014 The Global Indian New Network (TGINN)