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Cement Manufacturers Hit Back at Builder Association with Cartelisation Allegations

Just days after Union Minister Nitin Gadkari’s remark about inflating prices and cartelisation in the cement and steel industry, and builder association’s demand for a regulatory authority for these industries, South Indian Cement manufacturers have lashed back.

Cement manufacturers from the Southern India have created a new body – South India Cement Manufacturers Association (SICMA) which will be headed by Mr. N Srinivasan, Vice Chairman and Managing Director, India Cements.

In its very first press briefing SICMA alleged that the poor growth of housing sector is responsible for struggling cement industry and in-turn India’s growth. They were quoted saying “this was due to the artificially high price of flats/houses. There is a clear cartel working among builders under the banner of CREDAI and BAI, who are holding on to prices despite having a margin of more than 100 per cent”.