The Competition Commission of India (CCI) has found Tata Steel Ltd., JSW Steel Ltd., and state-run SAIL guilty of colluding on steel prices, in violation of antitrust law. The conduct reportedly took place between 2015 and 2023, according to a CCI order dated October 6, 2025, which is being reported publicly for the first time.
The watchdog has also held 56 top executives accountable, including JSW Steel MD Sajjan Jindal, Tata Steel CEO T.V. Narendran, and four former SAIL chairpersons.
The probe began in 2021 after a group of builders alleged that several steel companies restricted supply to raise prices. Initially focused on smaller firms, the investigation later expanded to 31 companies and industry groups.
The CCI has stated that the companies’ actions were in contravention of Indian competition law. Officials and companies now have the opportunity to submit objections or comments before the final order, a process expected to take several months.
India is the world’s second-largest steel producer, with JSW Steel holding a 17.5% market share, Tata Steel 13.3%, and SAIL 10%. In the fiscal year ending March 2025, JSW Steel reported revenues of $14.2 billion, while Tata Steel earned $14.7 billion.
If confirmed, the CCI can impose fines of up to three times profits or 10% of turnover per year of wrongdoing, and individual executives may also face penalties.
This marks one of the largest antitrust investigations in India’s steel sector, with potentially major financial consequences for both the companies and their top executives.