India’s antitrust watchdog is raiding the offices of small-scale steel companies for alleged price collusion on steel products used in construction, two sources with direct knowledge told Reuters.
Sources said those raided included Rungta Steel and Shyam Steel, as officials of the Competition Commission of India (CCI) carried out searches in West Bengal, Punjab, Tamil Nadu and the Indian capital New Delhi on Saturday.
The companies and the CCI did not immediately respond to Reuters requests for comment.
In all, about eight to nine offices of steel companies were searched, though the names of other firms that were raided were not immediately clear. The CCI does not publicly disclose any details of the conduct of its raids or cases related to alleged price collusion.
A source said the raids began on Friday and continued on Saturday as well.
CCI’s raid operations typically see federal agents collecting documents and data for further investigation in antitrust cases.
According to their websites, Rungta has been operating since 1962 and currently has steel plants in the states of Jharkhand and Odisha. Shyam Steel is a ₹30 billion conglomerate that manufactures a range of steel products.