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Indian Antitrust Watchdog Raids Jindal SAW and Maharashtra Seamless Over Bid Rigging Allegations

By  |  September 16, 2025

Indian antitrust officials carried out unannounced inspections at the offices of steel pipe manufacturers Jindal SAW and Maharashtra Seamless on Monday as part of an inquiry into suspected bid rigging, according to Reuters. The searches, which took place in and around New Delhi, have since concluded, two individuals familiar with the matter said.

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    The Competition Commission of India (CCI) oversees such investigations but typically keeps details confidential. Per Reuters, the regulator did not respond to a request for comment regarding the raids. In a statement issued Tuesday, Jindal SAW said it “extended full cooperation to the authorities during the course of their investigation.” Maharashtra Seamless has not commented on the matter.

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    News of the raids weighed on company stocks. Shares of Jindal SAW dropped by as much as 2.6%, while Maharashtra Seamless fell 1.6% during Tuesday’s session. The market reaction followed Reuters’ initial reporting of the searches.

    The case stems from a complaint filed in 2023 by state-run Oil and Natural Gas Corporation (ONGC) regarding bidding practices tied to certain tenders, Reuters reported. ONGC has not commented publicly on the matter. A confidential government document reviewed by Reuters in June 2024 indicated that ONGC had submitted multiple filings to the CCI and was asked to provide details on suppliers and vendors, as well as its assessment of price trends in the seamless pipe market.

    In these kinds of surprise inspections, CCI investigators generally gather paperwork and question company representatives. According to Reuters, cases of this nature often extend for months before any final determinations are reached. Jindal SAW, which is part of the OP Jindal Group with businesses across steel and power sectors, now faces heightened scrutiny alongside Maharashtra Seamless as the investigation progresses.

    Source: Reuters