Economic & Industrial

India antitrust agency raids steel firms for alleged price collusion

India antitrust agency raids steel firms for alleged price collusion
Mining News Pro - 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.

According to Mining News Pro - Among those raided were Rungta Steel and Shyam Steel, the sources said, as officials from the Competition Commission of India (CCI) conducted searches in states of West Bengal, Punjab, Tamil Nadu and Indian capital 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.

 The CCI’s raid operations typically see federal agents collecting documents and data for further investigation into antitrust cases.

 According to their websites, Rungta has been operating since 1962 and currently has steel plants in in states of Jharkhand and Odisha. Shyam Steel is a 30 billion Indian rupees ($362.73 million) group which manufactures several steel products.

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