CCI imposes fine of Rs 380 million on sugar firms and their associations

The penalty was imposed by the commission at 7 per cent of the average relevant turnover of the sugar mills

The Competition Commission of India (CCI) has imposed a fine of Rs 380 million on sugar companies and their associations for alleged rigging of the ethanol tender in 2013. Sugar association ISMA has also been pulled up by the anti-trust regulator. The association, Indian Sugar Mills Association (ISMA), has been asked to pay 10 per cent of its annual receipts for the year as penalty. The tender was floated by oil marketing companies — HPCL, BPCL and IOCL — in 2013 for procurement of ethanol for blending with petrol. CCI based the penalties on the revenue generated by the sugar