The Competition Commission of India (CCI) has began an investigation against cement manufacturing majors such as ACC Ltd and Ambuja Cements more than anti-competitive behaviour.
Both Ambuja Cement and ACC stated in regulatory filings that the CCI has initiated an investigation against cement businesses in India, such as Ambuja Cements and ACC Ltd.
“Ambuja Cements is of the firm view that it has acted and continues to act in compliance with competition laws and are fully cooperating with the investigation and providing all necessary information to the authorities,” the firm stated.
It added that Ambuja Cements has a lengthy-standing commitment to fair competitors as reflected in its Code of Business Conduct and Ethics.
Similarly, ACC stated that it has been in compliance with competitors laws and is cooperating with the investigation and offering all required information and facts to the authorities.
“ACC has a long-standing commitment to fair competition as reflected in its Code of Business Conduct,” it stated.
Shares of ACC on the BSE closed at Rs 1,636, greater by Rs 20.20 or 1.22 per cent from its preceding close.
Ambuja Cements’ shares on the BSE declined 1.8 per cent to close at Rs 248.35 per share.