Competition Commission conducts searches at India Cements' Chennai office

India Cements Ltd (ICL) on Thursday said fair trade regulator CCI has conducted a "search" at its office in Chennai.

The Chennai-based company added that it has not committed any breach of CCI regulations.

In response to a clarification sought by BSE over news reports of a raid by CCI at ICL, the company said in a filing: "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."

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.