The Competition Commission of India (CCI), the country’s competition regulator, has found Tata Steel, JSW Steel, state-run Steel Authority of India Ltd (SAIL), and 25 other firms in breach of antitrust law by colluding on steel selling prices, according to a Reuters exclusive report published on Tuesday, December 6.
The October 6, 2025, order by the CCI also holds 56 top executives liable for price collusion over varying periods between 2015 and 2023, putting companies and their senior leadership at risk of heavy fines.
Among those named in the CCI’s confidential order are JSW Steel’s billionaire Managing Director Sajjan Jindal, Tata Steel Chief Executive TV Narendran, and four former chairpersons of SAIL, Reuters reported. The order, which has not been made public, marks a critical stage in one of the most high-profile antitrust cases involving India’s steel sector.
What started the investigation
The probe began in 2021 after the Coimbatore Corporation Contractors Welfare Association alleged in a Tamil Nadu court that steel companies had hiked prices by 55 per cent during a six-month period to March 11 that year. The association, whose members are involved in road and highway construction, claimed companies were artificially boosting prices by restricting supply to builders and consumers.
After the public prosecutor determined the matter fell under competition law, the judge directed the CCI to take appropriate action.
In 2022, the watchdog had raided some steel companies as part of its probe. The investigation was subsequently expanded to cover as many as 31 companies and industry bodies, as well as dozens of executives, according to the October order reviewed by Reuters.
An internal CCI note from July 2025 said officials had examined WhatsApp messages exchanged among regional industry groups of steel product makers, which suggested companies were involved in fixing prices and cutting down production, the report said.
Penalties ahead
JSW Steel and SAIL have denied the allegations before the CCI, according to sources familiar with the matter who spoke to Reuters. One source said JSW had submitted its response and rejected the claims.
India is the world’s second-largest producer of crude steel. JSW Steel holds about 17.5 per cent of the market, Tata Steel around 13.3 per cent and SAIL close to 10 per cent. Under competition rules, 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, with individual executives also facing fines.
The findings will now be reviewed by senior CCI officials, after which companies and executives will be given an opportunity to submit objections before a final order is issued. Given the scale of the case, this process could take several months, Reuters reported.
