CCI imposes Rs 207-cr penalty on 7 cement firms

Penalty is for violating competition norms with regard to a 2012 tender floated by a Haryana agency

The Competition Commission of India (CCI) has imposed penalties aggregating to almost Rs 207 crore on seven major cement companies for rigging of bids and cartelisation to get tenders in Haryana government orders.

Shree Cement, UltraTech Cement, Jaiprakash Associates, JK Cement, Ambuja Cements, ACC and JK Lakshmi Cement have been slapped with fines of Rs 18.44 crore, Rs 68.3 crore, Rs 38.02 crore, Rs 9.26 crore, Rs 29.84 crore, Rs 35.32 crore and Rs 6.55 crore, respectively. CCI imposed the penalty at 0.3 per cent of their average turnover for three financial years. 

This is for breach of competition norms