Indian Cement Cartel Faces Antitrust Fines

The India===Competition Commission of India (CCI) has concluded a five-year antitrust probe, revealing a decade-long price collusion and bid rigging cartel among three major Indian cement companies: Dalmia Cement (Bharat) (a unit of Dalmia Bharat), Shree Digvijay Cement Company, and India Cements. The investigation, initiated by Oil and Natural Gas Corporation (ONGC) in 2018 after noticing identical bids, found that the companies colluded on prices, discussed supply patterns, and actively worked to oust foreign bidders like SLB, Classic Oil Field Chemicals, and Bell Weather. Executives, including Rajeev Nambiar, Y. H. Dalmia, and N. Srinivasan, are implicated. The CCI's report, based on strong evidence from communications and admissions, highlights a growing regulatory focus on domestic firms. The cement companies now face potential fines up to three times their profit or 10% of their turnover for each year of wrongdoing.