Ramco Cements to appeal COMPAT against CCI order

The Competition Commission of India has imposed a penalty of Rs 258.63 crore against the company for alleged cartelisation

Ramco Cements has said that the company is planning to go on appeal to Competition Appellate Tribunal (COMPAT), against the order of Competition Commission of India (CCI), which imposed penality of Rs 258.63 crore for alleged cartelisation.

The company, in a regulatory filing, said that the CCI has imposed penalty on the company and the cement companies have been directed to cease and desist from indulging in any activity relating to agreement, understanding or arrangement on prices, production and supply of cement in the market.

CCI has also given a time of 60 days from the date of receipt of the order to deposit the penalty amount.

"The company proposes to go on appeal to COMPAT against the order of CCI," it said.

The CCI has imposed more than Rs 6,700 crore penalties on 11 cement companies for cartelisation.

The list of companies includes UltraTech Cement, Binani, Ramco Cement, Jaiprakash Associates, JK Cement, Lafarge, India Cements, Ambuja Cements, ACC, Century, Shree Cement, besides Cement Manufacturers' Association (CMA), as per reports.