UltraTec Denies CCI Investigation: A Fair Trade Stand-Off
UltraTec, a leading cement maker, clarified it is not under Competition Commission of India (CCI) investigation. The case involves India Cements Ltd, a subsidiary, accused of cartelization in ONGC tenders. CCI has yet to issue findings against India Cements, as they explore legal options.
- Country:
- India
UltraTec, the country's leading cement manufacturer, announced on Saturday that it is not being investigated by the Competition Commission of India (CCI) over alleged competition norm violations in state-run ONGC tenders.
The Aditya Birla group company stated in a BSE filing that no order or financial requests have been made by the CCI in this case, No. 35 of 2020. The entity involved, India Cements Ltd (ICEM), confirmed its role in the case and is reviewing legal avenues.
Originally under the Srinivasan family, India Cements was acquired by UltraTech in December 2024. It holds stakes of 32.72% from promoters and 22.77% from the market. With ongoing CCI inquiries since May, no penalties have been imposed. The regulator has requested detailed financial statements amid allegations of tender cartelization.
(With inputs from agencies.)
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