UltraTech denies reports of probe in cement cartelisation case, says no CCI order received

“The company is not under investigation in this matter. India Cements Ltd (ICEM)

which is a subsidiary of UltraTech, is party to the said case and is making appropriate disclosures separately,” the company said in a filing on July 5, adding it was exploring legal options and reserved the right to act against the misleading reportage.
The clarification follows reports that the CCI had directed UltraTech, along with Dalmia Bharat and Shree Digvijay Cements, to submit financial records after the Director General’s report found contravention of competition norms in a case initiated by a cartelisation complaint filed by ONGC.As per the CCI order dated May 26, 2025, India Cements is required to furnish financial statements for FY15–FY19. Meanwhile, Dalmia Bharat and Shree Digvijay Cements have been asked to submit audited financials for FY11–FY19, as well as tax records and sales data linked to the alleged cartel behaviour in PSU tenders. The regulator has also warned of action under Section 45 of the Competition Act in case of non-compliance or submission of false information.

UltraTech Cement became the promoter of India Cements Ltd in December 2024 after acquiring a 32.72% stake from its promoters. It already held a 22.77% market stake prior to this acquisition.