New Delhi: In a setback for UltraTech Cement, the Delhi High Court on Tuesday dismissed the cement manufacturer’s appeal challenging the Competition Commission of India’s (CCI) decision to allow the Builders Association of India (BAI) to join the probe into alleged cartelization and price manipulation by gray cement makers.
A division bench comprising Chief Justice Devendra Kumar Upadhyaya and Justice Tejas Karia upheld the December 2023 order of a single judge who refused to interfere with the antitrust authority’s decision to make BAI a party to the proceedings.
“The application is rejected,” the panel noted when announcing the order. A detailed written order was not available at the time of publication.
What happened earlier
In 2019, the CCI received several complaints alleging that gray cement manufacturers were acting in concert to manipulate prices and cartelize the market. One of the complaints was filed by BAI, an association representing more than 20,000 builders and infrastructure developers who purchase cement.
The CCI subsequently launched an investigation that included searches at the premises of five cement manufacturers, including UltraTech, in December 2020
BAI later attempted to take part in the proceedings, but CCI rejected its first request in December 2021. BAI then approached the Delhi High Court and following a favorable decision, CCI allowed BAI to present its side and made it a party to the proceedings on July 5, 2023.
The CCI said BAI is a major consumer of cement and its participation could help it conduct a more meaningful investigation.
UltraTech challenged the CCI’s decision in the high court, arguing that BAI should not have been made a party as it was merely an informant.
The company also stated that CCI could not reconsider BAI’s previously denied request, expressed concerns about BAI’s access to confidential business information, and stated that it was not given an adequate opportunity to object before BAI became a party.
A single judge rejected UltraTech’s arguments in December 2023.
A single bench held that BAI’s second application was a fresh application filed after the court allowed him to approach the CCI again. It also ruled that the CCI may allow an interested entity to participate in an investigation relating to the market as a whole if its participation will help the regulator make a more informed decision.
Regarding confidentiality, the court noted that BAI is only permitted access to non-confidential records subject to safeguards to protect confidential business information.
UltraTech subsequently approached the bench challenging the single judge’s order. The division bench has now dismissed the appeal, upholding the CCI’s decision to allow BAI to participate in the proceedings.
UltraTech Cement shares were trading 0.80% lower. ₹It hit 11,086 on Tuesday in a largely weak market.
UltraTech is the largest cement manufacturer in India with an estimated market share of over 20%. As of April 2026, its domestic gray cement production capacity was 200.1 million tonnes per annum (MTPA).
Queries emailed to UltraTech Cement, Builders Association of India and CCI remained unanswered till the time of publication.