ACC Ltd has informed that the Honourable Competition Commission of India (CCI) has on June 21, published an order against several cement manufacturers, including ACC, and has imposed a penalty of ~0.5 times of the profit for the year 2009-10 and 2010-11.
For ACC the amount works out to Rs 1147.59 crores.
The order relates to competition law proceedings initiated in 2010 which aimed at investigating the conduct of several leading cement producers in India.
ACC furnished all information and clarification requested by the authorities in the context of the investigation.
The Company feels aggrieved by this CCI order and will appeal against it before the Competition Appellate Tribunal.