India’s Competition Commission has imposed a collective fine of about USD 1.1 billion on 11 cement companies for price fixing.
The companies are accused of reducing the quantity of supply despite the available capacity so as to raise prices.
India sees a huge demand for cement, as there has been a push in recent years to improve the country’s existing infrastructure.
The construction activity has been picking up pace both in bigger cities and smaller towns.
These factors have resulted in a growing demand for cement.
However, the CCI said that the 11 accused firms did not increase their supplies to meet the surge in demand, a move it said resulted in higher cement prices.
