They were found to be reducing supplies and increasing prices
In a ‘body blow’ to the industry, which is fighting a demand slide, the Competition Commission of India (CCI) has slapped a hefty penalty of over Rs.6,300 crore on 11 cement producers, who were found violating the provisions of the Competition Act, 2002. The Act deals with anti-competitive agreements, including cartels.
Ultratech, Ambuja, India Cement, Lafarge among those fined for cartelization
Competition watchdog CCI has levieed penalty of nearly Rs 6,300 cr on 11 cement companies involved in price cartel. The companies include Binani Cement, Lafarge, Grasim, ACC, Ambuja, JK Cement, Madras Cement, India Cement, Jaypee and Ultratech. The companies have been fined 50% of their profit for the fiscal years ending in 2010 and 2011 and must pay the penalty within 90 days.
As India Cements Limited, which was helping the municipal corporation by taking a portion of the plastic garbage generated in the urban local body as a supplementary fuel in its kiln, has stopped taking the waste for the past two months, the civic body has been forced to look for a company afresh for using the non-recyclable refuse.
CHENNAI: The India Cements has reported a gross turnover of Rs. 4,221.69 crore for the year ended March 31, 2010, up from Rs. 3,954.53 crore in the previous year. The operating profit before interest and depreciation is lower at Rs. 863.51 crore against Rs. 1,043.20 crore. Foreign exchange transaction difference has resulted in an exceptional gain of Rs. 43.57 crore against a loss of Rs.
Veerachipalayam Limestone Mine located in Salem district of Tamilnadu, spread over an extent of 61.88.5 Ha, belongs to M/s. India Cements Ltd (ICL) and produces limestone for captive consumption of the company
India cement Ltd (ICL) is planning to operate Pudupalayam limestone mine in Ariyalur District, of Tamilnadu with an annual production of 0.155 million tonnes in an area of 29.29.5 hectares.
In a perfect market economy, where all externalities are internalised by the companies and paid for by the consumers, a market leader will also be an environment leader. The ground reality is, however, different. Take the example of Grasim Industries Ltd, which became the biggest cement company in the country after acquiring the cement division of Larsen and Toubro in 2003-04.
