Jun 21, 2012, 08.12 AM IST

CCI order on cement cartel likely tomorrow: Sources

The Competition Commission of India (CCI) is unlikely to give an order on cement cartelization’ today. The CCI, which was probing the matter is learnt to be re-drafting certain portions of final order.

Reporter's Diary at 06:00 pm

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The Competition Commission of India (CCI) is unlikely to give an order on cement cartel tomotrow. The CCI, which was probing the matter is learnt to be re-drafting certain portions of the final order, hence had to defer its order today..

CNBC-TV18 has learnt from sources that the CCI is mulling a fine of upto 3 times profit of cement companies. However, the order may come out tomorrow.

Earlier in the day, shares of ACC Ltd, Ambuja Cements and India Cements tumbled anything between 2.5%-4% as the Competition Commission of India (CCI) report on cement cartelization is expected today or tomorrow.

Media reports suggest of the 39 cement companies the top 11 companies by revenue are likely to face penal action, which might cost the cement makers around 60% of their net profits for the latest accounting year FY13.

If the order goes through, Ambuja Cements, ACC and UltraTech Cement which control one third of the volumes in India, are likely to be impacted the most.

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