India: Having welcomed the Competition Commission of India's (CCI) decision to impose a record US$1.1bn penalty on 11 cement companies, the Builders' Association of India (BAI) has asked the competition watchdog to review the size of penalty.
The BAI has urged the CCI to, "review the quantum of the penalty and also to conduct an inquiry into the losses incurred by contractors due to such profiteering by cement manufacturers and to consider reimbursing the losses to the contractors."
D L Desai, a trustee of the BAI, said that it had urged the CCI to impose a fixed percentage of the penalty as a deposit with the CCI in case the cement manufacturers approach the Appellate Authority in an attempt to challenge the fine.
"We are happy that the CCI has taken action to penalise the cement companies. It (will) give a boost to the construction industry, leading to the revival of our economy, which is currently going through a difficult phase," said BAI Secretary Anand Gupta.
"The construction industry is a major driver of the Indian economy and any unfair practices as indulged in by the cement companies have adverse impact not only on this industry but the overall economy," he added.
