English | دری

India Cement Firms Fined for Cartelization

in International Business

India Cement Firms Fined for Cartelization

India’s Competition Commission has imposed a collective fine of about USD 1.1 billion on 11 cement companies for price fixing.

The companies are accused of reducing the quantity of supply despite the available capacity so as to raise prices.

India sees a huge demand for cement, as there has been a push in recent years to improve the country’s existing infrastructure.

The construction activity has been picking up pace both in bigger cities and smaller towns.

These factors have resulted in a growing demand for cement.

However, the CCI said that the 11 accused firms did not increase their supplies to meet the surge in demand, a move it said resulted in higher cement prices.


Tags assigned to this article:
India cement

Related Articles

Apple releases the much awaited iPhone 7

Apple’ CEO Tim Cook revealed the brand new iPhone 7 and 7 Plus in San Francisco at an event on

Google’s early publication of shares spooked investors

Google’s disappointing third-quarter earnings were accidentally published several hours earlier than planned yesterday, sparking a panic sell-off of the internet

Marubeni close to buying Gavilon for $5.2 billion

Japan’s Marubeni Corp is in advanced talks to buy U.S. grain and energy trader Gavilon for about $5.2 billion including

No comments

Write a comment
No Comments Yet! You can be first to comment this post!

Write a Comment

Your e-mail address will not be published.
Required fields are marked*