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Explosives manufacturer cartel fined after Coal India’s complaint

By  |  April 17, 2012

The Competition Commission of India has fined an explosives manufacturer cartel Rs 60 crore. Cartel members included Gulf Oil Corporation Ltd, Ideal Industrial Explosives Ltd, Solar Industries India Ltd, Blastec India Pvt. Ltd and Indian Explosives Ltd. The companies produce bulk explosives, cartridge explosives, fuses and detonators.

Coal India had filed a complaint with the CCI, as the company faced similar bid prices when requesting quotes from the companies. Coal India accused the explosives manufacturers of colluding on prices, threatening to stop supply, and boycotting its reverse auctions. In addition to the manufacturers, Coal India also charged the Explosives Manufacturers Welfare Association and Explosives Manufacturers Association of India with involvement in the cartel.

Full content: The Hindu Business Line

 

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