New Delhi: The Competition Commission of India (CCI) has directed Aditya Birla Group company UltraTech, which owns India Cements, and two other cement manufacturing companies as well as their executives to submit financial documents, after its Director General’s investigations revealed that these companies contravened competition norms by colluding in the tenders floated by public sector oil giant ONGC.
The CCI had ordered an investigation after it received a complaint filed by the government-owned ONGC alleging cartelisation by the cement companies in the tenders that it floated.
The investigation revealed that Umakant Agarwal, the proprietor of Sunrise Enterprises, was acting as the middleman behind these cement companies to facilitate the collusion in tenders floated by ONGC.
The competition watchdog has directed UltraTech to submit the financial statements of its subsidiary India Cements for five years from FY15 to FY19, while Dalmia Bharat Cements and Shree Digvijay Cements for nine years, from FY11 to FY19.
The CCI has also directed Dalmia Bharat Cements and Shree Digvijay Cements to submit their audited financial statement, including balance sheet and profit and loss account, within eight weeks of the order.
Besides, it has also directed their executives to submit detailed financials and income tax records for five years, along with formal responses to the investigation report.
The Director General had submitted its investigations report on February 18, 2025, which found contraventions of the competition regulations.
The CCI on May 26, 2025, considered the investigation report and, in a four-page order, also directed the cement manufacturer to submit income derived from sales to alleged contraventions by the public sector oil giant.
Its notice states that 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.
UltraTech Cements had acquired a 32.72 per cent stake from promoters and promoter group entities of India Cements Ltd in December 2024. The Aditya Birla Group company, which had earlier picked up a 22.77 per cent stake in the company from the market, became the majority stakeholder of the Tamil Nadu-based company.
Meanwhile, UltraTech Cement Limited has announced the resignation of its Chief Legal Officer, Anoop Khatry, effective from the close of business on July 3, 2025, due to personal reasons.
(Except for the headline, this article has not been edited by FPJ's editorial team and is auto-generated from an agency feed.)
