CCI Imposes Penalty of Rs 206 cr on 7 Cement Companies
The Competition Commission of India (CCI) imposed a penalty of Rs. 207 crore on seven major cement companies on January 19, 2017 for being involved in bid rigging and cartelisation to get tenders in Haryana government orders.The companies violated the competition norms on a tender floated by a
Haryana state agency in 2012, for supply to government departments, boards and corporations.
CCI has imposed the penalty at 0.3 percent of the average turnover of these companies for three financial years.Shree Cement: Rs 18.44 crore, UltraTech Cement: Rs 68.3 crore, Jaiprakash Associates: Rs 38.02 crore, JK Cement: Rs 9.26 crore, Ambuja Cements: Rs 29.84 crore, ACC Cement: Rs 35.32 crore and JK Lakshmi Cement: Rs 6.55 crore. Bid rigging is a form of fraud in which a commercial contract is promised to one party even though for the sake of appearance several other parties also present abid.
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