The Competition Commission of India (CCI) has directed UltraTech Cement, now the parent company of south-based India Cements, along with Dalmia Bharat Cement and Shree Digvijay Cement, to furnish detailed financial documents following findings of alleged cartelisation in government tenders.
The move comes after the CCI’s investigative arm, the Director General (DG), submitted a report on February 18, 2025, concluding that the cement makers, in collusion with an intermediary named Umakant Agarwal, violated competition laws. The probe had been initiated in November 2020 based on a complaint by Oil and Natural Gas Corporation (ONGC), which alleged bid rigging in its cement procurement tenders.
As part of the ongoing proceedings, UltraTech has been asked to submit India Cements’ audited financial statements for the five-year period from FY2014-15 to FY2018-19. Dalmia Bharat and Shree Digvijay Cement have been directed to submit financials covering a nine-year period from FY2010-11 to FY2018-19.
In addition, the CCI has instructed senior executives from all three companies to provide their personal financial records, including income tax returns for five years and respond formally to the DG’s findings within eight weeks.
Dalmia Bharat Cement stated in a regulatory filing that the CCI has not yet issued a formal order in its case. “DCBL remains committed to full regulatory compliance and is cooperating with the authorities,” the company said.
The CCI notice also mentioned if there is non-furnishing of the financial details or incomplete/false information, within the time frame by the companies, then they would be liable under section 45 of the Act.
Earlier, in December 2024, UltraTech Cements had acquired a 32.72% stake from promoters and promoter group entities of India Cements Ltd. The Aditya Birla Group firm, which already had acquired a 22.77 per cent stake from the market, became the promoter of the Tamil Nadu-based company.
(With inputs from PTI)