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regular-article-logo Sunday, 29 September 2024

CCI raids small steel firms

In all around eight to nine offices of steel companies were searched, though names of other firms raided were not immediately clear

Reuters Mumbai Published 18.12.22, 01:43 AM
The companies and the CCI did not immediately respond to Reuters’ requests for comment

The companies and the CCI did not immediately respond to Reuters’ requests for comment File Photo.

India’s antitrust watchdog is raiding offices of small-scale steel companies for alleged price collusion of steel products used in construction, two sources with direct knowledge told Reuters. Among those raided were Rungta Steel and Shyam Steel, the sources said, as officials from the Competition Commission of India (CCI) conducted searches in Bengal, Punjab, Tamil Nadu and New Delhi on Saturday.

The companies and the CCI did not immediately respond to Reuters’ requests for comment. In all around eight to nine offices of steel companies were searched, though names of other firms raided were not immediately clear.

The CCI does not disclose any details publicly of its raid operations or cases related to alleged price collusion. The raids started Friday and were continuing on Saturday, one of the sources said. According to their websites, Rungta has been operating since 1962 and currently has steel plants in the states of Jharkhand and Odisha. Shyam Steel is a Rs 30 billion ($362.73 million) group which manufactures several steel products.

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