Ultratech Cement Denies Allegations in Cartelisation Probe by CCI

UltraTech Cement Ltd has firmly denied recent media reports suggesting its involvement in a cartelisation investigation by the Competition Commission of India (CCI). In a regulatory filing dated July 5, the company clarified that it is not under scrutiny in the case currently being examined by the CCI.

“UltraTech is not under investigation in this matter. India Cements Ltd (ICEM), a subsidiary of UltraTech, is a party to the said case and is making appropriate disclosures separately,” the statement read.

The company further added that it is considering legal action and reserves the right to respond to what it called "misleading reportage."

Background of the Investigation

The clarification comes after reports indicated that the CCI had instructed UltraTech, along with Dalmia Bharat and Shree Digvijay Cements, to submit financial records in connection with a probe into alleged cartelisation. The case originated from a complaint filed by the Oil and Natural Gas Corporation (ONGC), prompting the CCI’s Director General to examine possible violations of competition law.

According to the CCI's order dated May 26, 2025, India Cements has been directed to provide financial statements for the fiscal years 2015 to 2019. Meanwhile, Dalmia Bharat and Shree Digvijay Cements must submit audited financial statements for FY11–FY19, along with relevant tax and sales data.

Regulator Warns of Strict Compliance

The CCI has cautioned all involved parties that failure to comply or submission of false data could result in action under Section 45 of the Competition Act, which deals with penalties for providing misleading information or non-disclosure.

Also read: Brightcom Group Shares to Resume Trading on July 14 After Suspension Lifted by BSE and NSE

UltraTech's Acquisition of India Cements

UltraTech Cement became the promoter of India Cements Ltd in December 2024, following the acquisition of a 32.72% stake from its previous promoters. This was in addition to the 22.77% stake UltraTech already held in the company, making it a significant shareholder in India Cements.

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