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Fair trade regulator Competition Commission of India (CCI) has conducted a ‘search’ at India Cements Ltd (ICL) office in Chennai, the firm said on 22 December.
The ICL, though, claims it has not committed any breach of CCI regulations.
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Responding to a clarification sought by BSE over news reports of a raid by CCI at ICL, the company said in a filing: “Certain officials of CCI visited our office in Chennai at around 11:30 a.m. and are conducting ‘search’ to find out if any irregularities concerning ‘Competition Commission’ has occurred.”
The firm added that it has not committed any breach of CCI regulations. “”We do not apprehend any material impact on the Company,” ICL said.
ICL has a total capacity of 15.5 million tonnes per annum. Its revenue for the financial year that ended on March 31, 2022 was ₹4,713.11 crore.
India Cements operates eight integrated cement plants in Tamil Nadu, Telangana, Andhra Pradesh and Rajasthan and two grinding units, one each in Tamil Nadu and Maharashtra.
With PTI inputs.
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