UltraTech Cement Denies CCI Investigation Allegations

UltraTech Cement, the flagship enterprise of the Aditya Birla Group, has formally denied being under investigation by the Competition Commission of India (CCI) in a case concerning anti-competitive practices. The company stated it has neither received any legal orders from the CCI nor have its financial records been requested by the commission.

In a stock market communication, UltraTech categorically described the reports circulating in the public domain about the CCI's probe as "false and misleading." The company clarified that while India Cements Limited, one of its subsidiaries, is involved in Case No. 35 of 2020 with the CCI, the subsidiary is handling its disclosures and exploring legal options independently.

UltraTech Cement expressed its willingness to take necessary legal measures to safeguard its reputation against these misleading allegations. Previously, a complaint by ONGC prompted CCI's investigation into alleged breaches of competition norms by cement companies. The CCI's role is pivotal in safeguarding consumer interests, promoting healthy competition, and fostering innovation in the Indian market.