Eleven cement companies and and the Cement Manufacturers Association have been fined Rs 6,320 crore by the Competition Commission of India for allegedly cartelising to fix prices. The fair trade body said the companies and CMA decided together on prices, production, distribution and the way their resources would be utilised at the cost of consumer interests and the economy.

The biggest fine went to Jaiprakash Associates – Rs 1,320 crore, while others facing major penalties are ACC Ltd (Rs 1,150 crore), Ultratech Cement (Rs 1,180 crore) and Ambuja cement (Rs 1,160 crore). Other companies involved include Binani, Ramco, ACL, India Cements, JK Cement, Lafarge and Shree Cement.