The Competition Commission of India (CCI) has found evidence suggesting that UltraTech Cement, along with Dalmia Bharat and Shree Digvijay Cements, colluded during tenders floated by ONGC. The findings emerged from a probe initiated after ONGC complained of cartel behaviour.
The CCI&rsquo;s Director General reported that a middleman, Umakant Agarwal of Sunrise Enterprises, coordinated between the companies to manipulate tender outcomes. Following this, CCI has ordered the companies to submit detailed financial documents.
UltraTech must provide five years&rsquo; worth of India Cements&rsquo; financial records (FY15&ndash;FY19), while the other two firms must submit nine years&rsquo; worth (FY11&ndash;FY19), including audited statements, profit and loss accounts, and tax returns.
Executives from all three companies have also been instructed to furnish personal financial data and responses to the probe within eight weeks. Non-compliance or submission of false data may lead to penalties under Section 45 of the Competition Act.
The Aditya Birla Group&rsquo;s UltraTech Cement became the majority stakeholder in India Cements in late 2024 after acquiring a 32.72% promoter stake. Meanwhile, UltraTech&rsquo;s Chief Legal Officer, Anoop Khatry, resigned on July 3, citing personal reasons.
[Except for the headline, this article has not been edited by the Benefit News editorial team and is published directly from the IANS news feed.]

CCI Indicts UltraTech in ONGC Tender Cartel Probe

UltraTech, others face action in ONGC tender cartel case; CCI demands financials and responses.

CCI Indicts UltraTech in ONGC Tender Cartel Probe

UltraTech, others face action in ONGC tender cartel case; CCI demands financials and responses.

July 5, 2025 | 01:55 IST