India fines cement maker Holcim $420 mn

Swiss cement giant Holcim said Thursday it will contest a 400-million Swiss franc (324 million euros, $420 million) fine by Indian competition authorities for price fixing. The Competition Commission of India (CCI) has imposed penalties against several Indian cement companies, including Holcim subsidiaries ACC and Ambuja Cements (ACL) which were fined 194 and 196 million francs respectively, the firm said in a statement. The order follows an investigation into the conduct of several leading cement producers in India dating back to 2010. "In the context of the investigation, ACC and ACL have delivered all information and clarification requested by the authorities," said Holcim. "However, each of ACC and ACL contest the allegations and findings against them in the CCI's order and will pursue all available legal steps to defend their respective position."