CCI finds 11 cement majors guilty of price cartelisation

NEW DELHI: Competition watchdog CCI is believed to have a slapped penalty of about Rs 3,000 crore on 11 big cement manufacturers, found guilty of being involved in price cartel, a high-level source said today.

"The Competition Commission of India has found 11 cement firms guilty of cartelisation. The penalty of eight per cent of their three year's average turnover will be imposed on them," he said.

The cumulative turnover of these companies is around Rs 37,500 crore.

Most of the top cement firms have been indicted by the CCI.

Cement companies declined to comment saying they have not seen the order.

CCI was probing the cartelisation charges based on complaints from realtors' body, Builders Association of India (BAI), which alleged that the retail prices fixed by cement manufacturers were almost similar.

The highest penalty prescribed in the Competition Act 2002, is 10 per cent of three years' average turnover.