Daijiworld Media Network - New Delhi
New Delhi, Jan 7: India’s competition watchdog has found leading steel manufacturers including Tata Steel, JSW Steel and state-run Steel Authority of India Ltd (SAIL), along with 25 other firms, guilty of colluding on steel prices, exposing them and their top executives to the risk of hefty penalties.
According to a confidential order of the Competition Commission of India (CCI) dated October 6, the regulator has held 56 senior executives liable for price collusion over different periods between 2015 and 2023. Those named include JSW Steel’s managing director Sajjan Jindal, Tata Steel CEO T V Narendran and four former chairpersons of SAIL. The order has not yet been made public.
The CCI investigation, one of the most high-profile probes into India’s steel sector, began in 2021 after a group of builders alleged before a Tamil Nadu court that steel companies were collectively restricting supply and artificially inflating prices. The case was subsequently referred to the competition watchdog for action. In 2022, the CCI had conducted raids on some steel companies as part of the investigation.
The probe was later widened to cover as many as 31 companies and industry bodies, along with dozens of executives. In its October order, reviewed by Reuters, the CCI said it had found the conduct of the companies to be in violation of India’s antitrust law, and that certain individuals were also liable for the contravention.
The findings mark a crucial stage in the antitrust proceedings. They will now be reviewed by senior CCI officials, while the companies and executives will be given an opportunity to submit objections and responses, a process that is expected to take several months. The regulator will issue its final order thereafter.
India, the world’s second-largest producer of crude steel, has seen rising demand driven by increased infrastructure spending. JSW Steel commands about 17.5 per cent of the domestic market, Tata Steel 13.3 per cent and SAIL around 10 per cent, according to industry data. In the financial year ended March 2025, JSW Steel reported standalone revenues of about $14.2 billion, while Tata Steel posted revenues of $14.7 billion.
Under the Competition Act, the CCI can impose penalties of up to three times a company’s profit or 10 per cent of its turnover for each year of wrongdoing, whichever is higher. Individual executives can also be fined.
The watchdog has asked the steel firms to submit their audited financial statements for eight financial years up to 2023, typically a step taken to assess the quantum of penalties. While the October order does not detail the evidence, an internal CCI document from July 2025 indicated that officials had examined WhatsApp messages exchanged among regional steel industry groups, which allegedly pointed to price-fixing and production cuts.
JSW Steel and SAIL have denied the allegations before the CCI, according to sources familiar with the matter. Tata Steel, SAIL, JSW and the executives named did not respond to queries, while the CCI also declined to comment.