No role in cement cartel: Jaiprakash Associates
Jaiprakash Associates, which has been indicted by competition watchdog Competition Commission of India (CCI) along with 10 other cement makers for forming price cartel, has said that such allegations are far from reality, as market forces determine the price of the construction material.
Competition Commission of India's order appears to be based more on technical points than on ground realities. In an industry where there is full-throttled competition, where the prices are determined by the market forces and consumption is driven by economy, alleging cartelisation is not justified, it said in a statement.
JAL added that in the market-driven scenario where there are nearly 45 cement companies and over 140 plants in the country, the allegation of cartelisation is far from reality.
Last week, CCI had imposed a whopping Rs 6,307 crore fine on 11 leading cement makers for forming price cartel. JAL was fined the maximum at Rs 1,323.6 crore.