India cement firms fined $1.1bn for price fixing

India's competition watchdog has fined 11 cement companies, including ACC and Ambuja Cements, for price fixing.

The Competition Commission of India (CCI) has imposed a collective fine of more than 60bn rupees ($1.1bn; £675m) on the firms.

It has accused them of "limiting" supplies and controlling prices through an "anti-competitive agreement".

However, some of the firms have denied the allegations and said they will challenge the fine.

"The commission has found that the cement companies have not utilised the available capacity so as to reduce supplies and raise prices in times of higher demand," the CCI said in statement.

The watchdog has given the companies 90 days to pay the fine.

Source & Image : BBC