India’s antitrust watchdog, the Competition Commission of India (CCI), has found Tata Steel, JSW Steel and state-run Steel Authority of India Ltd. (SAIL) guilty of colluding on steel prices since at least 2015, according to a confidential order dated 6 October 2025 reviewed by Reuters. The CCI has also held 56 senior executives including JSW Steel MD Sajjan Jindal and Tata Steel CEO T.V. Narendran personally liable for their roles in the alleged price-fixing.
The probe, one of the most significant in India’s steel sector, began in 2021 following complaints by builders that companies were restricting supply and sharply raising prices. Investigators later expanded the case to 31 firms and industry bodies. Internal CCI documents reportedly cite WhatsApp messages suggesting coordination on prices and production cuts.
The findings will now be reviewed by senior CCI officials, after which companies and executives can submit objections. If upheld, the firms face penalties of up to three times their profits or 10% of turnover for each year of violation.
