UltraTech Cement Ltd. on Saturday denied being investigated by the antitrust watchdog Competition Commission of India for alleged contravention of competition norms.
The company called such media reports "false and misleading" and clarified that it is not under investigation in a case from 2020. "The company has neither received any order from the CCI in this case nor have the company's financials been sought by the CCI," a stock exchange filing said.
"UltraTech Cement reserves its rights to take necessary legal steps in light of these misleading reports to protect its reputation," the company said.
The Aditya Birla Group company said its south-based arm The India Cements Ltd. is party to the case and is separately making appropriate disclosures while exploring legal options.
In a separate exchange filing, India Cements said it is yet to receive a full version of the CCI investigation report under the Competition Act, 2002.
"There is no finding by the CCI at this stage against ICEM and no financial penalty has been levied," it said.
Notably, UltraTech's Chief Legal Officer Anoop Khatry resigned on Thursday due to personal reasons.
The CCI is conducting a probe after a complaint filed by Oil and Natural Gas Corp. alleging cartelisation in its tenders. Following this, the fair trade regulator had in November 2020 directed its probe unit Director General to look into the issue.
The DG had submitted its investigations report on Feb. 18, 2025, which found contraventions of the competition regulations.
It had found that India Cements, along with Shree Digvijay Cement and Dalmia Cement, with a middleman named Umakant Agarwal, engaged in anti-competitive collusion.
Later, CCI on May 26 considered the investigation report and in a four-page order also directed the cement manufacturer to submit the income derived from sales to alleged contraventions by the PSU.
The CCI notice also mentioned if there is non-furnishing of the financial details or incomplete or false information, within the time frame by the companies, then they would be liable under section 45 of the Act.
UltraTech Cement acquired India Cements in December last year.
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