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.