No deal yet for cutting cement prices: Nath

Commerce and Industry Minister Kamal Nath today said that no deal has been worked out with the cement industry to roll back prices that were hiked after the budget proposal for dual excise duty on the construction raw material.

"Nothing is on the anvil," Nath said when asked whether the government and the industry have worked out a compromise formula.

He said if need arises, another meeting would be held with cement manufacturers. The Department of Industrial Policy and Promotion has already held a meeting with the producers.

"We are waiting for their feedback (on government's request to control prices)," Nath said.

Yesterday, the Commerce Minister had said that if companies were found to be profiteering the government would take measures to control prices. He had said that companies should absorb the levies if they could.

Nath, in an exclusive interview with CNBC today, said the government wants cement companies to be healthy and profitable, but does not want companies to take advantage of the demand-supply mismatch.  He added that cement companies must make profits, but is concerned about excessive profits.