Make your products visible globally with Elite Membership.
I agree to the terms and conditions
Existing User?
Sign In with Email
Remember Me Forgot Password?
New User?
Enter your registered Email ID to get reset password.
Elite Member
Individual Register
NEW DELHI, INDIA: The Competition Commission of India (CCI) has imposed a penalty of Rs 317 crore ($ 60.23 million) on three companies for collusive bidding to supply aluminium phosphide (ALP) tablets to the Food Corporation of India (FCI). Three manufacturers of ALP tablet - United Phosphorus, Excel Crop Care and Sandhya Organics - have been penalised 9 per cent of their three years’ average profits. FCI used ALP tablets to preserve its central pool of foodgrains.
United Phosphorus has been asked to pay Rs 252.44 crore ($ 48 million), while Excel Crop will be required to pay Rs 63.90 crore ($ 12.14 million) and Sandhya Organics Chemicals Rs 1.57 crore ($ 0.3 million). In its directive, the CCI states that it has found firms entering into anti-competitive agreement and that their ‘acting together and quoting identical prices has deprived FCI of competitive bid rates in the manner of procuring ALP tablets.’
The commission has ordered the companies to cease and abstain from engaging in practices of manipulating the process of bidding in any manner. In a letter written to the competition watchdog last year, FCI had drawn attention to the rise in its cost of procurement because of an anti-competitive agreement among these manufacturers. CCI said it found these companies entering into a non-compete agreement and that their acting together and quoting identical prices had deprived FCI of competitive bid rates for procuring the tablets.
© WOC News
Login
MELBOURNE, AUSTRALIA: Whatever the current challenges, BHP Billiton sees benefit from aluminium and nickel as commodities in the emerging economies, i ...
RIO DE JANEIRO, BRAZIL: AkzoNobel has reached an agreement to supply coatings for the roof of Brazil’s famous Maracana stadium, which will host ...
LUDWIGSHAFEN, GERMANY/HONG KONG, CHINA: BASF Venture Capital has invested $5 million in the China Environment Fund (CEF) IV. Other investors include k ...
CALGARY, CANADA: PFB Corporation, through its subsidiary PFB International Corporation, will acquire NOVA Chemicals performance styrenics business, in ...
LUDWIGSHAFEN, GERMANY: BASF has acquired Equateq Ltd, a global leader in the manufacturing of highly concentrated omega-3 fatty acids. With the acquis ...
RIED IM INNKREIS, AUSTRIA: Benteler-SGL, a joint venture between Benteler Automobiltechnik and the SGL Group, has set up a new plant in Ort im Innkrei ...
Stay updated with the latest chemical industry trends and innovations.
Verification Code has been sent to
Please enter the Verification Code below to verify your Email Address.If you cannot see the email from "noreply@worldofchemicals.com" in your inbox,make sure to check your SPAM Folder