A PYMNTS Company

India: Lack of evidence closes cement price-fixing case

 |  November 24, 2014

The Competition Commission of India has reportedly closed its investigation into nearly a dozen cement companies for allegations of price-fixing.

The CCI has ended the probe into 11 companies due to a lack of evidence. Among the companies investigated include Penna Cements, India Cements and My Home Cements, say reports.

The companies first came under regulatory scrutiny after the CCI noticed hikes in prices following general elections in a certain geographical area. The watchdog did not clarify, however, a timeframe for the alleged collusion.

A complainant first accusing the firms of forming a price-fixing cartel did not provide any documentary evidence to support the claims, however, forcing the CCI to close the matter and not order an in-depth investigation.

Full content: Reuters

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.