Anti-trust probe initiated against ACC, Ambuja Cements

The Competition Commission of India (CCI) has started an investigation against cement manufacturing majors including ACC Ltd and Ambuja Cements over anti-competitive behaviour.

Both Ambuja Cement and ACC said in regulatory filings that the CCI has initiated an investigation against cement companies in India, including Ambuja Cements and ACC Ltd.

"Ambuja Cements is of the firm view that it has acted and continues to act in compliance with competition laws and are fully cooperating with the investigation and providing all necessary information to the authorities," the company said.

It added that Ambuja Cements has a long-standing commitment to fair competition as reflected in its Code of Business Conduct and Ethics.

Similarly, ACC said that it has been in compliance with competition laws and is cooperating with the investigation and providing all necessary information to the authorities.

"ACC has a long-standing commitment to fair competition as reflected in its Code of Business Conduct," it said.

Shares of ACC on the BSE closed at Rs 1,636, higher by Rs 20.20 or 1.22 per cent from its previous close.

Ambuja Cements' shares on the BSE declined 1.8 per cent to close at Rs 248.35 per share. - IANS