Coal India fined $290 million by competition regulator CCI

MUMBAI Wed Dec 11, 2013 2:37am IST

A labourer lays coal balls out to dry at a factory in Kolkata November 4, 2010. REUTERS/Rupak De Chowdhuri/Files

A labourer lays coal balls out to dry at a factory in Kolkata November 4, 2010.

Credit: Reuters/Rupak De Chowdhuri/Files

Related Topics

Stocks

   

MUMBAI (Reuters) - The competition regulator has imposed a fine of 17.7 billion rupees on state-run miner Coal India(COAL.NS) for abusing its dominant position and imposing unfair conditions in fuel supply agreements with customers.

The Competition Commission of India (CCI) on Tuesday issued a "cease and desist order" to the state miner and directed it to modify clauses in its fuel supply contracts related to sampling and testing, transportation charges, and compensation on supply of stones.

Officials at Coal India, the world's largest coal miner by output, were not immediately available for comment.

The company, which accounts for 80 percent of India's coal output, changed its pricing system last year, allowing it to charge higher prices from some customers. However, it still sells domestic coal at discounts of between 45 and 70 percent to international prices.

The CCI had launched a probe earlier this year after complaints from state utilities Maharashtra State Power Generation Co. and Gujarat State Electricity Corp against the miner and its units.

(Reporting by Prashant Mehra; Editing by Sunil Nair)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

Kerry in India

REUTERS SHOWCASE

Deadly Landslide

Deadly Landslide

Landslide near Pune kills 10, scores feared trapped.  Full Article 

Fed Policy

Fed Policy

Fed presses forward with bond buying, cites uptick in inflation.  Full Article 

Big Infra Deal

Big Infra Deal

Piramal, Dutch APG tie up for $1 bln infra investment  Full Article 

E-Commerce

E-Commerce

Amazon says to invest $2 billion more in India   Full Article 

Lupin Results

Lupin Results

Q1 net profit up 56 percent on higher U.S. drug sales   Full Article 

Smuggling Gold

Smuggling Gold

Air India staff found smuggling gold  Full Article 

Economy Reboots

Economy Reboots

U.S. economy back on track with strong second-quarter rebound .  Full Article 

Auto Sector

Auto Sector

VW closes in on Toyota as global auto leader  Full Article 

Expanding Reach

Expanding Reach

Tata to invest $35 bln over 3 years, focus on new businesses   Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage