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NEW DELHI The Competition Commission of India (CCI) on Thursday imposed penalties amounting to over Rs60 billion ($1.06 billion) on 11 cement companies including Ambuja Cements, ACC, Ultratech and India Cements, terming them guilty of forming a cartel and fixing prices.
The CCI has asked the 11 cement firms to pay as penalty 50 percent of their profits recorded in financial year 2009-10 and 2010-11.
“The penalty amount so worked out amounts to more than Rs60 billion,” according to a statement issued by the ministry of corporate affairs.
The cement manufacturers who have been penalised for cartelisation are ACC, Ambuja Cements Limited, Ultratech Cements, Grasim Cements now merged with Ultratech Cements, JK Cements, India Cements, Madras Cements, Century Cements, Binani Cements, Lafarge India and Jaypee Cements.
The commission has also imposed penalty on the Cement Manufacturers Association.
“While imposing penalty, the Commission has considered the parallel and coordinated behaviour of cement companies on price, dispatch and supplies in the market,” the statement said.
Indo-Asian News Service
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