New Delhi: Congress on Saturday said govt must prevent the emergence of monopolies during company expansions and ensure fair takeovers without political influence.
“Firms must grow. Companies must expand. But govt must ensure competition is not stifled, oligopolies or monopolies don’t emerge, takeovers are free and fair, and undue advantage arising out of access to political power is not exercised,” said AICC general secretary in-charge of communications Jairam Ramesh.
His comments followed the acquisition of Penna Cements by Adani Group, which strengthened its position in southern Indian cement sector.
Ramesh posted on X, “Sept2022: Adani acquires Ambuja Cements and ACC, to become country’s second largest cement player. In Aug2023: Adani acquires Sanghi Industries, India’s largest single-location cement unit, and in June 2024: Adani acquires Penna Cements, giving it substantial market share even in the last remaining region of south India. Upcoming: Adani is exploring the acquisition of Saurashtra Cement, Vadraj Cement, and the cement business of Jaiprakash Associates.”