How 'lucky number 7' helped unravel an alleged cement cartel: Report
India Today
The issue surfaced during a 2018 tender by ONGC for a cement order. When the bids were opened, the company noticed that all competing firms had quoted exactly Rs 7,000 per tonne.
The Competition Commission of India (CCI) has uncovered details of an alleged price-fixing arrangement among three cement companies supplying to Oil and Natural Gas Corporation (ONGC), which are said to have been involved between 2007 and 2018, reported Reuters.
The case began after ONGC noticed something unusual in a cement tender. The identical pricing submitted by competing firms raised suspicion and eventually led to an antitrust probe.
The issue surfaced during a 2018 tender by ONGC for a cement order. When the bids were opened, the company noticed that all competing firms had quoted exactly Rs 7,000 per tonne.
ONGC questioned the unusual similarity. In response, an executive from India Cements reportedly explained that the number seven was his “lucky number”.
The identical pricing triggered concern within ONGC, which later filed an antitrust complaint against three cement companies.
The CCI conducted a detailed investigation into the matter. According to the regulator’s report, two companies, i.e., Dalmia Cement (Bharat), part of Dalmia Bharat, and Shree Digvijay, were involved in the alleged cartel between 2007 and 2018.
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