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Lucky numbers and collusion: How an Indian cement cartel came unstuck

In fiscal year 2024-25, Dalmia Bharat recorded annual revenues of $1.5bn, Shree Digvijay $79m and India Cements $444m

Reuters
Reuters

09 March, 2026

Lucky numbers and collusion: How an Indian cement cartel came unstuck
Image credit: Getty Images

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A CCI investigation found Dalmia Cement, Shree Digvijay, and India Cements colluded on cement prices for ONGC tenders between 2007-2018. Identical bids and communications revealed attempts to divide territories, oust foreign bidders, and manipulate pricing. The CCI report names key executives and could levy significant fines. The case highlights the CCI's increasing scrutiny of domestic firms.

When India’s largest oil explorer opened a tender for a cement order in 2018, it sensed something was off by the competing bids coming in: all of them were exactly INR7,000 per metric tonne.

Oil and Natural Gas Corporation queried the bids and got a wry reply from an executive at India Cements. Seven was his “lucky number”, he explained.

Suspicious, ONGC quietly lodged an antitrust case against three Indian cement companies.

Read more-Cooking gas prices rise in India on global surge

The details of the case were outlined in a confidential investigation report and evidence that were shared with the companies in January and reviewed by Reuters, following a five-year probe that found a decade of price collusion targeting state-run ONGC.

The Competition Commission of India (CCI) report said the “cartel period” ran 12 years between 2007 and 2018 for Dalmia Cement (Bharat), a unit of India’s fourth-largest cement maker Dalmia Bharat, and rival Shree Digvijay India Cements was part of the cartel for 2017-18.

The report identified thinly concealed attempts at collusion by Indian companies, signalling a growing willingness by the regulator to scrutinise domestic firms after months of high-profile investigations into foreign giants.

The Indian cement firms’ bid rigging, discussions of supply patterns and efforts to oust foreign bidders were “substantiated from strong evidences in form of communication, meetings, emails, admission,” said the 90-page report.

Local media outlet Zee Business reported the basic finding of wrongdoing last year, but Reuters is the first to report the detailed tactics and evidence that underpin CCI’s investigation findings.

Dalmia Bharat declined to comment citing pendency of the matter before the CCI, but has previously said it is cooperating with the authorities. India Cements, which was acquired by No. 1 player UltraTech in 2024, did not respond, and neither did Shree Digvijay, ONGC or the CCI.

The cement companies have been asked to respond to the report and the watchdog will then issue a final order within months. It has powers to drop any of the investigation findings, but fines can go as high as three times the companies’ profit or 10 per cent of their turnover for each year of wrongdoing.

In fiscal year 2024-25, Dalmia Bharat recorded annual revenues of $1.5bn, Shree Digvijay $79m and India Cements $444m.

After the Reuters story, shares of Shree Digvijay extended losses to fall as much as 5.4 per cent, while India Cements was down 4.4 per cent and Dalmia Bharat down 3.5 per cent.

‘Supported by the numerology factor of 7’

While Apple, Amazon and other foreign firms have faced intense antitrust scrutiny, the cement case highlights CCI’s focus on big Indian firms from key economic sectors.

“Tech cases have been a growing focus for CCI but there is increased cognizance within the government to tackle breaches at state-run firms and in public procurement,” said Gautam Shahi, a competition law partner at Indian law firm Dua Associates.

In January, Reuters reported an antitrust investigation found four major Indian steelmakers, including Tata Steel and JSW Steel, colluded on prices.

Before filing the case in 2020, ONGC noticed bids had come in at the exact same or very similar pricing in four tenders for oil well cement.

For example, the 2018 tender for 170,000 tonnes of cement saw all three companies quoting a price of 7,000 rupees, or 7,350 rupees per ton with taxes, for different states.

That prompted ONGC to issue a warning in late 2019, with a notice to India Cements, contained in the report, saying the identically priced bids suggested violation of competition law.

India Cements defended its bid in a written submission on its letterhead to ONGC that year, citing global trends as well as the “lucky number”.

“The financial bid was also supported by the numerology factor of 7”, the company letter stated.

Submitting bids together

The CCI’s investigation puts the onus of breaches on eight top executives including former managing director of Shree Digvijay, Rajeev Nambiar; billionaire chairman of Dalmia Bharat, Y H Dalmia; and former managing director of India Cements, N. Srinivasan, who is also one of India’s high-profile business figures. None of the executives responded to Reuters queries.

The CCI also cited Shree Digvijay senior vice president Prem R. Singh, whose testimony said “the prime objective for quoting the identical price was to allocate almost equal volumes and revenue amongst companies”.

Singh visited rival Dalmia’s office for “directly assisting” them in their tender filing in 2018, the CCI report said, citing messages sent by Singh to Nambiar, his then managing director. Singh did not respond to requests for comment.

Shree Digvijay and Dalmia were “actively involved” in calculating the rail freight distance of their factories from ONGC cement delivery destinations. They then bid accordingly to avoid competition and divided territories amongst themselves.

Excel sheets were also made comparing distances to decide “volume sharing” among rivals, the report showed.

Targeting foreign firms

Shree Digvijay and Dalmia also targeted foreign firms who bid by flagging “prickly issues”, said the report.

They repeatedly filed complaints with the Indian government about foreign bidders’ lack of certification and how New Delhi should promote domestic firms over foreign ones.

Foreign bidders included Texas-based Schlumberger, the world’s largest oilfield services provider now known as, UAE-based Classic Oil Field Chemicals, and Bell Weather, the report showed. The three companies did not respond to queries.

The investigators concluded that the companies tried at least once to pressure ONGC to cancel foreign bids by deciding to “restrict supply” of cement to the oil explorer, which breaches antitrust laws.

In 2019, one executive wrote to another: “Need your support in making them (ONGC) understand that they cannot throw Indian parties in bath tub.”

The companies could “not digest the fact that a foreign bidder” can be awarded a tender, the CCI said.

DDoS attacks surpass eight million globally, report finds

Critical internet infrastructure continues to be heavily targeted, particularly services such as NTP and DNS

Rajiv Pillai
Rajiv Pillai

09 March, 2026

DDoS attacks surpass eight million globally, report finds
Image: Getty Images

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NETSCOUT's H2 2025 report reveals a surge in large, sophisticated DDoS attacks, peaking at 30 Tbps, driven by resilient botnets, compromised IoT devices, and DDoS-for-hire services. Multi-vector attacks and AI-powered tools are amplifying threats. Organizations need automated, proactive defenses to mitigate increasing risks to critical infrastructure, as traditional security measures are failing.

NETSCOUT Systems has released its DDoS Threat Intelligence Report for the second half of 2025, revealing a surge in large-scale, coordinated cyberattacks driven by increasingly sophisticated threat actors, resilient botnets and compromised IoT infrastructure.

According to the report, more than eight million distributed denial-of-service (DDoS) attacks were recorded globally across 203 countries and territories during the period. Some attacks reached unprecedented scale, peaking at 30 terabits per second (Tbps), signalling a new phase of hyper-scale cyber threats that continue to challenge global mitigation efforts.

The report also highlights the rapid growth of DDoS-for-hire services, which are lowering the barrier to entry for cybercriminals and enabling a wider pool of threat actors to launch attacks. This trend is increasing operational risk for enterprises and digitally connected organisations worldwide.

Beyond sheer attack volume, NETSCOUT warns that adversaries are increasingly deploying reconnaissance techniques and adaptive evasion strategies that undermine traditional defence models. The company says organisations must adopt intelligent, automated protection systems to keep pace with evolving threats.

“Threat actors identify organizations that haven’t invested in the right defenses to stay ahead of sophisticated and coordinated DDoS attacks to take down critical infrastructure,” stated Richard Hummel, director, threat intelligence, NETSCOUT. “Traditional security defenses are no longer working, and with attackers hitting new attack size and complexity ceilings, implementing automated and proactive defenses has become a business-level risk mandate – not just a technical concern for security professionals.”

The report identifies several major trends shaping the current DDoS threat landscape. Multi-vector attacks remain common, with around 42 per cent of incidents using two to five different attack methods simultaneously, and some dynamically adapting during the attack to complicate detection and mitigation.

Researchers also observed large-scale outbound attacks originating from compromised IoT devices and customer-premises equipment. In some cases, these attacks generated traffic exceeding 1 Tbps, posing potential liability, service disruption and reputational risks for broadband and mobile service providers.

Critical internet infrastructure continues to be heavily targeted, particularly services such as NTP and DNS, underscoring the need for resilient, globally distributed architectures capable of maintaining service continuity.

The report also highlights growing collaboration among threat actors. In July 2025 alone, more than 20,000 botnet-driven attacks were recorded, demonstrating how coordinated campaigns can quickly overwhelm defences and disrupt services across sectors including government, finance and transportation.

Despite international law enforcement efforts to dismantle several DDoS-for-hire platforms, hacktivist groups and botnets remain highly resilient, maintaining sustained pressure on global networks.

NETSCOUT also warns that artificial intelligence is accelerating cyberattack capabilities. Large language models are increasingly being used on dark web platforms to support vulnerability exploitation and botnet expansion, while underground forums have recorded a 219 per cent increase in discussions related to malicious AI tools.

Groups such as Keymous+ have demonstrated how partnerships between threat actors can amplify attack capabilities, with observed bandwidth capacity increasing nearly fourfold.

NETSCOUT’s intelligence is derived from direct observation of global internet traffic across its monitoring infrastructure. The company said it protects roughly two-thirds of the routed IPv4 internet space, securing network edges that carried peak traffic exceeding 800 Tbps in the second half of 2025.

During the reporting period, the platform monitored tens of thousands of daily DDoS attacks across 376 industry sectors and 12,698 autonomous system numbers (ASNs), tracking activity from multiple botnets and DDoS-for-hire services that leverage millions of compromised devices.

Read: UAE thwarts terrorist cyber attacks on vital sectors

Silal, National Agricultural Center’s new initiative supports UAE farmers, food security

The collaboration aimed to empower local farmers and expand the presence of Emirati agricultural products in local markets, contributing to the UAE’s broader food security objectives

Neesha Salian
Neesha Salian

09 March, 2026

Silal, National Agricultural Center’s new initiative supports UAE farmers, food security
Image: Supplied

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Silal partners with the National Agricultural Center in Ras Al Khaimah to bolster local farming and UAE food security. The initiative, starting March 9, offers farmers technical support, improved inputs, and marketing assistance. A crop collection center will streamline distribution. The collaboration aims to empower farmers, enhance productivity, and increase Emirati produce availability in local markets.

Silal, Abu Dhabi’s agri-food and technology company, is expanding operations in Ras Al Khaimah in collaboration with the National Agricultural Center to support local farmers and strengthen national food security.

The first phase of the initiative starts on March 9 in the Al Hamraniyah area, where the partnership will work with local farms to enhance agricultural production, improve productivity, and facilitate marketing of Emirati produce.

The programme will provide farmers with technical assistance, best-practice agricultural inputs, and guidance on post-harvest handling and marketing.

A dedicated crop collection centre will also be established to streamline the receipt, distribution, and sale of agricultural products.

Contributing to broader food security goals, Silal GCEO says

Dhafer Al Qasimi, group CEO of Silal, said the collaboration aimed to empower local farmers and expand the presence of Emirati agricultural products in local markets, contributing to the UAE’s broader food security objectives.

Sultan Salem Al Shamsi, director of the National Agricultural Center, said the initiative reflects the centre’s commitment to advancing the UAE’s agricultural sector and enhancing the competitiveness and sustainability of local farming.

The partnership is part of wider national efforts to integrate production, marketing, and distribution across the UAE’s agricultural supply chains, supporting local farmers and reinforcing the resilience of the sector.

Silal is part of ADQ, one of the region’s largest holding companies with investments spanning Abu Dhabi’s diversified economy.

Read: World food prices rebound in February, United Nations’ FAO says

ADNOC says operations continue despite Hormuz blockade

ADNOC has activated well-established protocols and is working closely with authorities to protect its people, assets and operations

Reuters
Reuters

09 March, 2026

ADNOC says operations continue despite Hormuz blockade
Image: ADNOC

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Due to the US-Israeli war on Iran blocking the Strait of Hormuz, ADNOC is managing offshore output to address storage limits. They are using alternative export routes and international storage to maintain supply. Saudi Aramco is diverting shipments via the Red Sea. Kuwait has begun cutting output. The conflict disrupts global oil and LNG supply significantly.

Abu Dhabi National Oil Company said on Saturday it is actively managing offshore output levels to address storage requirements amid the US-Israeli war on Iran, while its onshore operations are continuing.

“This approach preserves operational flexibility and will enable the company to resume normal operations without prolonged delay,” ADNOC said in a statement.

The war, now in its eighth day, has blocked shipments through the Strait of Hormuz, the crucial waterway responsible for roughly 20 per cent of global oil and LNG supply.

Analysts have predicted the UAE and Saudi Arabia would soon have to cut output as their oil storage fills up.

ADNOC said its operations are continuing, and that it is using export capacity that bypasses the strait as well as international storage facilities to ensure supply continuity to global markets.

Saudi state oil giant Aramco is temporarily diverting some crude shipments to the Red Sea port of Yanbu to ensure supply continuity for customers unable to access the Gulf, Saudi state media said on Saturday. Reuters reported on Friday that its shipments from the Red Sea are increasing but the volumes are far from enough to offset the drop from the crisis-hit strait.

“Business units are assessing the situation on a product-by-product and transaction-by-transaction basis, considering the ongoing disruption that is affecting shipping through the Strait of Hormuz,” it said.

ADNOC has activated well-established protocols and is working closely with authorities to protect its people, assets and operations, it added.

Kuwait Petroleum Corporation began cutting oil output on Saturday and declared force majeure, adding to earlier oil and gas reductions from Iraq and Qatar.

US DFC unveils $20bn maritime reinsurance plan to support Gulf shipping

DFC chief executive Ben Black said the initiative was intended to help restore confidence in maritime trade and ensure the continued flow of key commodities through the Strait of Hormuz

Neesha Salian
Neesha Salian

09 March, 2026

US DFC unveils $20bn maritime reinsurance plan to support Gulf shipping
Image: Getty Images/ For illustrative purposes

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The DFC plans a $20 billion maritime reinsurance program to boost shipping confidence in the Gulf, amidst Iran tensions. Approved by President Trump, it provides war risk coverage for vessels meeting specific criteria, coordinated with CENTCOM. The program aims to stabilize maritime trade and ensure the flow of essential commodities through the Strait of Hormuz.

The US International Development Finance Corporation (DFC) said it plans to deploy a maritime reinsurance programme covering up to $20bn in potential losses to help restore confidence in shipping in the Gulf region amid ongoing tensions involving Iran.

The plan, approved by US President Donald Trump, and announced jointly with US Treasury Secretary Scott Bessent, aims to support maritime trade and stabilise international commerce by providing war risk reinsurance for vessels operating in the region.

DFC said the facility would insure losses on a rolling basis of up to about $20bn and will initially focus on coverage for hull and machinery as well as cargo.

The programme will apply only to vessels that meet specified criteria and will be implemented in coordination with the United States Central Command (CENTCOM), which oversees US military operations in the Middle East.

According to DFC, the agency has identified American insurance partners to support the programme and is working with the US Department of the Treasury on next steps for implementation.

Move to restore confidence in maritime trade through Strait of Hormuz

DFC chief executive Ben Black said the initiative was intended to help restore confidence in maritime trade and ensure the continued flow of key commodities through the Strait of Hormuz.

He said the reinsurance plan was designed to help move shipments, including oil, gasoline, liquefied natural gas, jet fuel and fertiliser through the waterway, one of the world’s most important energy transit routes.

The agency said the programme forms part of a broader effort by Washington to use DFC’s financial tools to support global trade flows and businesses operating in the Middle East during the current regional tensions.

Read: Oil spikes as Hormuz disruption rattles global markets

Cooking gas prices rise in India on global surge

Indian companies have also raised the prices of 19-kg commercial LPG cylinders, mainly used by hotels and restaurants

Reuters
Reuters

09 March, 2026

Cooking gas prices rise in India on global surge
Image: Getty Images

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Indian companies increased LPG prices for the first time in a year due to rising global prices linked to Middle East tensions. A 14.2-kg cylinder in Delhi now costs 913 rupees, a 7% increase. India, a major LPG importer, relies heavily on Middle Eastern supplies. The government is urging refiners to boost domestic LPG production to prevent shortages. Commercial cylinder...

Indian companies have raised the prices of liquefied petroleum gas, mostly used as a cooking fuel, for the first time in about a year, as global prices surge with the US-Israel war on Iran disrupting supplies from the Middle East.

Indian Oil Corp, the country’s top refiner and LPG seller, has increased the prices of a 14.2-kg LPG cylinder in Delhi by 7 per cent to 913 rupees ($9.93), according to its website.

State refiners IOC, Bharat Petroleum Corp and Hindustan Petroleum Corp raised prices in tandem.

India, the world’s second-biggest importer of LPG, last year consumed 33.15 million metric tons of cooking gas, a mixture of propane and butane, with imports accounting for about two-thirds of LPG consumption. Middle Eastern LPG accounts for 85% to 90 per cent of those imports.

India on Friday asked refiners to boost LPG production to avoid any shortage of cooking gas in the country.

Indian companies have also raised the prices of 19-kg commercial LPG cylinders, mainly used by hotels and restaurants, to 1,883 rupees from 1,768.50 rupees.

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