NEW DELHI, Oct 21: Fair trade regulator Competition Commission’s investigation arm has completed its probe into the alleged cartelisation in the steel industry.
Probes into alleged anti-competitive practices are carried out by the Director General (DG) of the Commission.
The Director General has completed investigations into alleged cartelisation in the Indian steel industry and the report has been submitted to the Commission, an official in the know said.
Specific details about the probe could not be immediately ascertained.
India is one of the world’s major steel producers. Going by estimates, the country’s steel making capacity is expected to reach 200 million tonnes by 2020.
The Commission took up the case related to the steel makers under Section 2 of the Competition Act that pertains to cartelisation.
A cartel is generally referred as a group of entities, who by agreement among them, try to limit or attempt to control a particular market segment.
Meanwhile, the Commission’s DG is currently investigating about 30 cases related to diverse sectors such as information technology, glass and petrochemicals.
The Commission, which keeps tab on anti-competitive practices in the market, refers cases to the DG for detailed investigation. Before making a final decision, the anti-trust regulator takes into consideration the probe report as well as the views of the concerned parties.
In June this year, the Commission had slapped Rs 6,307 crore on 11 cement makers for alleged cartelisation. (PTI)