SFIO probing cartel in cement industry

Mumbai : The Serious Fraud Investigation Office , or SFIO, is investigating allegations of cartelisation against cement majors UltraTech Cement, Ambuja Cements and ACC. The SFIO is acting under the directions of the ministry of corporate affairs, which is its nodal ministry. The investigation will examine the conduct of the cement companies over a 10- year period, said one of the persons.

UltraTech Cement and Ambuja Cements confirmed that an investigation is being carried out by the SFIO, and that the companies have already provided information and documents. Despite repeated attempts, ACC could not be reached for its comment. UltraTech, Ambuja Cements and ACC together control a little over one-third of the country's total cement manufacturing capacity of 300 million tonnes. The Indian cement market is the world's second-fastest growing market after China, and has attracted global majors keen to corner a chunk of the pie.