India's antitrust body conducted raids at offices of UltraTech
Cement and two subsidiaries of the world's largest cement maker LafargeHolcim,
two sources said
India's antitrust
body on Wednesday conducted raids at offices of UltraTech
Cement and two subsidiaries of the world's largest cement maker
LafargeHolcim, two sources close to the matter told Reuters.
Swiss-based LafargeHolcim
in a statement to Reuters confirmed officials visited the Mumbai offices of ACC
and Ambuja Cements and said the companies were fully cooperating with the
authorities, but could not comment further as the matter is ongoing.
Several officers
of the Competition Commission of India (CCI) were involved in search operations
conducted simultaneously at multiple locations in India, late into the evening,
the sources said, asking not to be named because of the confidential nature of
the raids.
Searches were also
conducted at Indian company Shree Cement Ltd, a third source said.
None of the Indian
cement companies responded to Reuters requests for a comment.
The CCI did not
respond to a request for comment.
The CCI does not
make any details of ongoing cartel cases or raids public.
India is the
second largest cement producer in the world and accounted for more than 8% of
global installed capacity in 2019, figures from the India Brand Equity
Foundation show. Cement sales in India stood at $9 billion in 2019-20.
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