CCI dismisses unfair business practices complaint against Hindalco, Vedanta

wayne

Fair trade regulator CCI on Thursday dismissed a complaint against Industries Ltd and Vedanta Ltd alleging unfair business practices with respect to copper products.


The (CCI) closed the matter as the informant was not able to substantiate the allegations made against the firms. The informant alleged cartelisation in determining prices of certain copper products in India by the firms, sharing of market of certain copper products by way of allocation of customers and engagement in bid rigging and collusive bidding.



The informant stated that is the metals flagship company of Aditya Birla Group and is the leading supplier of copper rods and other copper products in India, while Vedanta is a globally diversified and natural resources company with interests in iron ore, steel, copper, aluminium, power and oil.


The firms along with state-owned Hindustan Copper Ltd are the only three domestic producers in India, engaged in the production of refined copper, it added.


As per the informant, and Vedanta control around 85-90 per cent of domestic demand and 75-80 per cent of the domestic supply, respectively, giving them a virtual stranglehold on supplies in the Indian market.


The regulator said mere price parallelism in itself is not sufficient to order probe in the absence of any other material on record to substantiate collusion or concert between the entities.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Next Post

No change in export policy of iron ore pellets; opinion under review: Govt

The government on Thursday said there has been no change in the export policy of iron ore pellets not manufactured by Kudremukh Iron Ore Company Ltd, rebutting charges levelled by the Congress that Rs 40,000 crore worth of the product was exported in violation of rules by some […]

Subscribe Now