Cement price cartelisation allegations trigger CCI raids

11 Dec 2020 CW Team

Competition Commission of India (CCI), India’s antitrust body, conducted raids this week at offices of UltraTech Cement and two subsidiaries of LafargeHolcim. Simultaneous search operations were also conducted at multiple locations in India.

Swiss-based LafargeHolcim confirmed in a statement that officials visited the Mumbai offices of ACC and Ambuja Cement, and stated that the companies were fully cooperating with the authorities.

Media reports also say via sources that searches were conducted at Indian company Shree Cement Ltd. None of the Indian cement companies were willing to comment.

Following the news of the raids, shares of major cement companies were down between 3% and 5% in intra-day trading on Thursday.

So far, there has been no comment from CCI regarding the matter. No details are updated about ongoing public raids or cartel cases. Commerce Minister Piyush Goyal had announced in the parliament last year that the CCI was examining complaints of cartelisation by cement companies. CCI had imposed a heavy penalty of $1.1 billion on several cement companies in 2012. They were accused of using their plants to create a shortage of cement. An appeal is still pending for that decision.

CCI, in recent years, has also raided offices of other foreign companies such as Carlsberg and Glencore on allegations of price collusion in their industry.

India is the second-largest cement producer in the world. The country accounted for 8% of global installed capacity in 2019. During 2019-2020, the cement sales in India stood at $9 billion.

Infrastructure Urban

06 Apr 2026

InsideFPV Delivers ₹10 Crore Kamikaze Drone Order Under MoD’s EPR Route

InsideFPV, a Surat-based drone technology manufacturer, has successfully executed a ₹10 crore defence contract to supply indigenous kamikaze drones under the Ministry of Defence’s Emergency Procurement Route (EPR). The company completed the delivery of hundreds of FPV kamikaze drone platforms within a rapid two-month timeframe, highlighting its ability to meet urgent military procurement timelines.The supply orders were fulfilled under the emergency procurement mechanism, which is aimed at fast-tracking acquisitions for immediate operational needs. InsideFPV’s quick execution reflects it..

Vedanta Resources Secures Fitch Upgrade to ‘BB-’, Best Rating Since 2015

Vedanta Resources Limited (VRL), a global player in metals, oil & gas, critical minerals, power and technology, has received a credit rating upgrade from Fitch Ratings, marking its strongest bond rating in over a decade.Fitch has raised Vedanta Resources’ Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘BB-’ from ‘B+’, while maintaining a Stable Outlook. The agency also upgraded VRL’s senior unsecured rating, along with the ratings of US dollar-denominated bonds issued by Vedanta Resources Finance II Plc and guaranteed by VRL, to ‘BB-’.The upgrade represents Vedan..

NAREDCO NextGen NCR Chapter Launched

The NAREDCO NextGen NCR Chapter was recently launched at Excelerate 2026 in Mumbai, marking a key step towards integrating emerging real estate leaders from the National Capital Region with the national platform. The initiative aims to promote sustainable and responsible urban development through collaboration and knowledge exchange.The event brought together young developers, entrepreneurs, and professionals from across NCR, including Noida, Gurugram, Ghaziabad, Faridabad, Bhiwadi, and Meerut. Discussions focused on urban development, finance, sustainability, innovation, and policy, emphasisi..