India Cements says CCI officials search office in Chennai, denies any ‘irregularities’

India Cements News: Cement Manufacturing company India Cements Ltd (ICL) has said that fair trade regulator Competition Commission of India (CCI) on Thursday conducted search at its office in Chennai.

The Chennai-based company said this in a response to a clarification sought by BSE over news reports of a raid by CCI.

"Certain officials of CCI visited our office in Chennai at around 11:30 a.m. and are conducting 'search' to find out if any irregularities concerning 'Competition Commission' has occurred," ICL said in a filing.

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However, it added that as it has not committed any breach of CCI regulations. "We do not apprehend any material impact on the Company."

ICL has a total capacity of 15.5 million tonnes per annum. Its revenue for the financial year that ended on March 31, 2022 was Rs 4,713.11 crore.

India Cements operates eight integrated cement plants in Tamil Nadu, Telangana, Andhra Pradesh and Rajasthan and two grinding units, one each in Tamil Nadu and Maharashtra.

Meanwhile, shares of India Cements quoted Rs 209 apiece on NSE, down by 4 per cent from previous close of Rs 218.75.

India Cement has a total capacity of 15.5 million tonnes per annum. Its revenue for the financial year that ended on March 31, 2022 was Rs 4,713.11 crore. The company operates eight integrated cement plants in Tamil Nadu, Telangana, Andhra Pradesh and Rajasthan and two grinding units, one each in Tamil Nadu and Maharashtra.

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