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COMPAT sets aside Rs 6,300 cr penalty on 11 cement cos

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The Competition Appellate Tribunal (COMPAT) has provided temporary relief to the 11 cement companies which had been slapped with a penalty of Rs 6,300 crore by the Competition Commission of India (CCI) for alleged cartelisation in FY10 and FY11. In 2012, CCI had imposed this penalty to be paid on 50 percent of profits earned by each of the eleven companies in FY10 and FY11. Corporate tax lawyer, HP Ranina, says this move by COMPAT will give the companies an opportunity to prove that they did not resort to cartelisation and the prices were independently based on the demand supply situation and other relevant factors. COMPAT has directed the CCI to pass fresh orders to the companies within the next three months.

?The commission should follow comprehensive protocol and conduct inquiry?, COMPAT said. Meanwhile, CCI said that it will refund the 10 per cent amount deposited by the companies so far, towards the penalty obligation.

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Concrete

CCU testbeds in Tamil Nadu

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Tamil Nadu is set to host one of India’s five national carbon capture and utilisation (CCU) testbeds, aimed at reducing CO2 emissions in the cement industry as part of the country’s 2070 net-zero goal, as per a news report. The facility will be based at UltraTech Cement’s Reddipalayam plant in Ariyalur, supported by IIT Madras and BITS Pilani. Backed by the Department of Science and Technology (DST), the project will pilot an oxygen-enriched kiln capable of capturing up to two tonnes of CO2 per day for conversion into concrete products. Additional testbeds are planned in Rajasthan, Odisha, and Andhra Pradesh, involving companies like JK Cement and Dalmia Cement. Union Minister Jitendra Singh confirmed that funding approvals are underway, with full implementation expected in 2025.

Image source:https://www.heavyequipmentguide.ca/

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Concrete

JSW Cement gears up for IPO

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JSW Cement has set the price range for its upcoming initial public offering(IPO) at US$1.58 to US$1.67 per share, aiming to raise approximately US$409 million. As reported in the news, around US$91 million from the proceeds will be directed towards partially financing a new integrated cement plant in Nagaur, Rajasthan. Additionally, the company plans to utilise US$59.2 million to repay or prepay existing debts. The remaining capital will be allocated for general corporate purposes.

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Concrete

Cement industry to gain from new infrastructure spending

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As per a news report, Karan Adani, ACC Chair, has said that he expects the cement industry to benefit from the an anticipated US$2.2tn in new public infrastructure spending between 2025 and 2030. In a statement he said that ACC has crossed the 100Mt/yr cement capacity milestone in April 2025, propelling the company to get closer to its ambitious 140Mt/yr target by the 2028 financial year. The company’s capacity corresponds to 15 per cent of an all-India installed capacity of 686Mt/yr.

Image source:https://cementplantsupplier.com/cement-manufacturing/emerging-trends-in-cement-manufacturing-technology/

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