Shree Cement fined $72 mln by anti-trust regulator
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29/07/2012
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Business Standard (New Delhi)
SHREECEMENT-ANTITRUST-FINE:Shree Cement fined $72 mln by anti-trust regulator
Shree Cement Ltd has been fined $72 million by the Competition Commission of India (CCI), the anti-trust regulator said in a statement, making it the twelfth cement company to be fined in a crackdown on cartelisation in the industry. Eleven cement makers were fined a combined $1.1 billion by the CCI in June for collusion and price fixing, in the biggest penalty ever imposed by the increasingly assertive regulator.
Shree Cement has been fined 3.98 billion rupees, the equivalent of 50 percent of its net profit for the financial years ending in 2010 and 2011, the CCI said in the statement.