India’s antitrust regulator carried out surprise raids at the offices of Jindal SAW and Maharashtra Seamless over allegations of bid-rigging in tenders floated by the Oil and Natural Gas Corporation (ONGC). The investigations follow a complaint filed by ONGC in 2023 and aim to examine possible violations of competition laws in the procurement process.
Officials from the Competition Commission of India (CCI) conducted searches to gather evidence related to alleged collusive practices and market manipulation in the steel pipe and seamless pipe segments. The regulator is assessing whether the companies conspired to influence tender outcomes, potentially limiting fair competition and impacting pricing in public sector projects.
Industry experts note that such raids are part of a broader effort by the CCI to ensure transparency and integrity in public procurement. Bid-rigging allegations typically involve collusion among suppliers to manipulate bidding processes, often resulting in inflated contract values and reduced efficiency in government spending.
Both Jindal SAW and Maharashtra Seamless are prominent players in the steel pipe manufacturing sector, supplying critical materials to oil, gas, and infrastructure projects. Any findings of anti-competitive conduct could carry significant legal and financial consequences, including penalties and restrictions on future participation in government tenders.
The regulator has maintained that the probes are at an early stage, and no conclusions have yet been drawn. The companies involved are expected to cooperate fully with the ongoing investigations, providing documents and information requested by the authorities.
This development underscores India’s commitment to enforcing competition laws and deterring anti-competitive practices in key industrial sectors. As the investigation progresses, stakeholders across the BFSI and industrial supply sectors are closely monitoring the outcomes, which could have implications for compliance standards and tender processes in the country.
