India Cements Ltd (ICL) said Thursday the fair trade regulator CCI had conducted a “search” at its Chennai office.
The Chennai-based company added that it had not violated the CCI regulations.
In response to a clarification sought by BSE on news of a CCI raid on ICL, the company said in a filing: “Certain officers from CCI visited our office in Chennai at around 11:30 am and are conducting a ‘search’, to find out if any irregularities have occurred in relation to the ‘Competition Commission’.”
However, it added that since it has not committed any breach of the CCI regulations, “we do not fear any material impact on the business”.
ICL has a total capacity of 15.5 million tons per year. Revenue for the year ended 31 March 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.
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