Indian Cement Co. Faces $72M Fine In Price-Fixing Probe

Law360, New York (July 30, 2012, 2:54 PM EDT) -- India's competition watchdog on Monday hit Shree Cement Ltd. with a fine of 3.98 billion rupees ($71.7 million) in connection with restrictive trade practice allegations, a move that follows more than $1 billion in cartel fines leveled last month against 11 cement companies.

The Competition Commission of India handed down the fine against Shree after concluding a review of allegations that several cement makers colluded to fix prices through an industry group called the Cement Manufacturers Association. The company is the 12th cement firm recently accused...
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