ACC and Ambuja Cements on Thursday stated fair trade regulator CCI has initiated an investigation against them and other cement businesses in the nation concerning alleged anti-competitive behaviour.
“The Competition Commission of India (CCI) has initiated an investigation against cement companies in India including ACC regarding alleged anti-competitive behaviour,” ACC Ltd stated in a regulatory filing.
ACC stated it is of the firm view that it has acted and continues to act in compliance with competitors laws and we are totally cooperating with the investigation and giving all important details to the authorities. ACC has a lengthy-standing commitment to fair competitors as reflected in its Code of Business Conduct,” the company added.
In a separate filing, Ambuja Cements in a similar worded statement, also said the Competition Commission of India has initiated an investigation against cement companies in India including Ambuja Cements regarding alleged anti-competitive behaviour.
“Ambuja Cements Limited has a lengthy-standing commitment to fair competitors as reflected in its Code of Business Conduct and Ethics,” it noted.
Shares of ACC Ltd had been trading 1.42 per cent down at Rs 1,632.70 on BSE, whilst the Ambuja Cements stock was trading at Rs 248.70, down 1.66 per cent on BSE.