Economy & Market
Two cement majors to file plea against CCI order
Expressing disappointment over the order of the Competition Commission of India to penalise them for manipulating the cement market. India Cements and Madras Cements have said that they will file an appeal against the Commission's order.
The two companies are among the 11 companies penalised by the Commission for cartelisation. The Commission has also held the industry body, the Cement Manufacturers Association responsible. India Cements faces a penalty of Rs 187 crore and Madras Cements, Rs 254 crore.
The Commission has given 90 days time to file an appeal. The company will have to study in detail the 258-page order before it can react. India Cements said in a statement that there was no basis to arrive at conclusions that the company has indulged in cartelisation and anti-competitive practices.