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India: Competition regulator slaps $1 bn fine on 11 cement companies

 |  August 31, 2016

Competition Commission on Wednesday imposed more than Rs 6,700 crore penalty on 11 cement companies, including ACC and Binani, for cartelisation.

In a release, Competition Commission of India said Rs 6,715-crore penalty has been imposed on 11 cement companies and the CMA.

The latest order has been passed by the watchdog following directions issued by the Competition Appellate Tribunal which had remanded the matter involving the cement companies to CCI or passing fresh order. The tribunal had also set aside fine on the 10 cement firms imposed earlier.

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