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India's antitrust inspectors have conducted surprise raids at steel pipe makers Jindal SAW and Maharashtra Seamless in an alleged case of bid rigging, two people with direct knowledge of the matter said on Tuesday.
The raids were conducted at offices of Jindal SAW and Maharashtra Seamless in and around New Delhi on Monday, and the search operation has now concluded, the two sources said.
Reuters is first to report the antitrust raids, details of which are kept confidential in line with Competition Commission of India (CCI) rules.
CCI and the two companies did not respond immediately to requests for comment.
Jindal SAW is part of India's OP Jindal Group, which has many businesses in the steel and power sectors.
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The case was triggered by a complaint from state-run Oil and Natural Gas Corporation in 2023, related to bidding of certain tenders by the steel pipe companies, the two sources said. ONGC did not respond to a request for comment.
In such surprise raids, CCI inspectors typically collect documents and question officials present, and the case can go on for several months.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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