CCI Seeks Financial and Tax Records from Cement Majors in ONGC Bid Rigging Probe

India’s antitrust regulator, the Competition Commission of India (CCI), has stepped up its investigation into a suspected case of bid rigging in cement tenders floated by public sector giant Oil and Natural Gas Corporation (ONGC). The CCI has now directed three prominent cement companies, UltraTech Cement, Dalmia Cement (Bharat), and Shree Digvijay Cement, along with Sunrise Enterprises’ proprietor Umakant Agarwal, to submit financial documents and income tax records related to the case.

The issue dates back to a complaint filed by ONGC in 2020, where it alleged that the cement manufacturers colluded to fix prices in tenders issued by the company. The collusion, according to the complaint, restricted fair competition and led to inflated pricing. This was seen as a violation of Section 3(3)(d) of the Competition Act which deals with anti-competitive agreements and tender manipulation.

Following an in-depth investigation, CCI found reason to expand its scrutiny and included Umakant Agarwal as a party to the matter. The Commission released its latest order on June 26, 2025, granting the parties involved a period of eight weeks to respond.

The order requires Dalmia Cement and Shree Digvijay Cement to submit their audited balance sheets, profit and loss statements, and expenditure accounts for the financial years from 2011 to 2019. UltraTech Cement, along with its now subsidiary India Cements, has been asked to provide similar records. In addition, these companies must submit certificates from their statutory auditors confirming their cement sales turnover during the period under review.

The CCI has also named several senior officials from the companies involved and directed them, along with Agarwal, to submit their personal income tax returns for the corresponding financial years. This move is aimed at identifying any personal financial irregularities or benefits linked to the alleged cartel behavior.

The cement sector has faced scrutiny in the past for similar anti-competitive practices. With this renewed focus, the CCI appears determined to ensure transparency and accountability in public procurement processes. Industry observers now await the companies’ responses, which could pave the way for one of the most significant enforcement actions in recent years.