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India’s Antitrust Regulator Raids Paper Mills Over Alleged Price Collusion

By  |  November 12, 2025
CEO Compensation and Product Market Collusion

India’s competition regulator has carried out nationwide searches at several paper manufacturing companies amid an investigation into suspected price fixing involving suppliers to a key government education body, according to Reuters. The operation, led by the Competition Commission of India (CCI), began on Tuesday and extended across Maharashtra, Punjab, Uttar Pradesh, and New Delhi, sources with direct knowledge of the matter told Reuters.

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    The paper sector in India represents roughly 5% of global production and generates about $11 billion in annual revenue, based on data from the Indian Paper Manufacturers Association. Per Reuters, the CCI’s surprise inspections targeted six paper mills, including the offices of Satia Industries, Silverton Pulp, and Chadha Papers. One source also indicated that Shreyans Industries was among those searched. The identities of the remaining companies were not disclosed.

    Satia Industries’ Chief Financial Officer, Rachit Nagpal, confirmed the raids in a phone conversation with Reuters, emphasizing that the company had fully cooperated with investigators. A representative from Silverton Pulp declined to comment, while Chadha Papers and Shreyans Industries did not respond to Reuters’ requests for statements.

    Read more: Indian Antitrust Body Raids Alcohol Giants Amid Price Collusion Probe

    The watchdog has not released official details regarding the ongoing probe. As Reuters noted, the CCI maintains confidentiality during investigations into alleged cartel behavior and does not publicly discuss specific cases. The agency also did not respond to Reuters’ inquiries on the matter.

    According to Reuters, the investigation stems from a complaint filed last year by the National Council of Educational Research and Training (NCERT), which purchases paper to produce school textbooks and other instructional materials. The education body has not provided comment on the issue.

    This is not the first time the CCI has launched large-scale raids in recent months. Earlier this year, a similar operation targeted global advertising giants—including GroupM, Interpublic, Publicis, and Dentsu—over alleged price collusion. That case began after Dentsu voluntarily reported potential wrongdoing to the regulator and later told Reuters that it had strengthened internal audits and compliance controls. The investigation into that matter remains ongoing.

    Source: Reuters