The Competition Commission has slapped a penalty of Rs 302 crore on Grasim Industries for abusing its dominant position with respect to supply of a certain staple fibre to spinners.
NSE
Besides, the company has been directed to "cease and desist" from indulging in anti-competitive practices as well as put in place a transparent "discount policy" for all the market participants.
In a 60-page order, the Competition Commission of India (CCI) said the company has abused its dominant position in the market for supply of VSF to spinners in India by charging discriminatory prices to its customers, besides imposing supplementary obligations upon them.
These are in violation of competition norms, it added.
VSF is Viscose Staple Fibre (VSF) and is produced as well as sold by Grasim Industries.
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