UltraTech Cement refutes probe in cement cartelisation case

7 Jul 2025 , 09:43 AM

UltraTech Cement Ltd has issued a strong rebuttal to media reports stating that it is under probe in a cement cartelisation case being investigated by the Competition Commission of India (CCI).

The company in its statement said that these reports are false and misleading and clarified that it has not received any order from CCI. Additionally, it has not received any order/notice from CCI to submit financials in Case No. 35 of 2020.

The company stated in its filing with the bourses that it is not under investigation in this matter. However, its subsidiary India Cements Limited (ICEM) is party to the said case and is making appropriate disclosures on a separate basis. Additionally, UltraTech Cement also signalled that it is exploring legal options and has the right to act against the misleading reports. 

The company issued the clarification after the media reports suggested that CCI directed UltraTech Cement, Dalmia Bharat, and Shree Digvijay Cements to submit financial records. The media reports also highlighted that the Director General’s report found contravention of competition norms in a case initiated by a cartelisation complaint filed by ONGC.

As per CCI’s order dated May 26, 2025, India Cements is directed to present financial statements for FY15-FY19. 

Additionally, Dalmia Bharat and Shree Digvijay Cements also received notices to submit audited financials for FY11–FY19. The notice also suggested submission of tax records and sales data linked to the alleged cartel behaviour in PSU tenders.

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