UltraTech Refutes Reports of CCI Probe in Alleged Cement Cartel Case

The country’s largest cement producer, UltraTech Cement, has categorically denied media reports suggesting it was under investigation by the Competition Commission of India (CCI) for alleged cartelization. The news, in UltraTech’s view, was “false and misleading”. Further, the cement giant cleared that it is not under investigation about the 2020 complaint.

In a release for the stock exchanges issued on Saturday, the Aditya Birla Group Company stated that it has received no order from the CCI nor any request for financial documents. “UltraTech Cement reserves its rights to pursue legal remedies to safeguard its reputation,” the company added.

The current investigation relates to the CCI’s probe following a complaint by the Oil and Natural Gas Corporation (ONGC) about alleged cartel behaviour in cement tenders. In November 2020, the CCI directed the Director General to investigate the matter. The DG submitted its findings on February 18, 2025, identifying anti-competitive conduct involving India Cements, Shree Digvijay Cement, and Dalmia Cement, in alleged collusion with a broker named Umakant Agarwal.

On May 26, CCI reviewed the report and ordered the companies involved to disclose their earnings from the PSU-related deals. Failure to comply or submitting false information could attract penalties under Section 45 of the Competition Act, 2002.

India Cements, now a subsidiary of UltraTech following a December 2024 acquisition, issued a separate statement noting it has not yet received the full report from CCI. It added that there are no formal findings or penalties against it at this stage, and it is considering legal options.

UltraTech reiterated that the allegations are not related to its operations, and India Cements is handling the matter independently.

As regulatory scrutiny tightens in India’s cement sector, industry players are increasingly under the scanner for pricing and tender practices, but UltraTech maintains a firm stand that it is not among the accused.