Jindal Saw in the Crosshairs—CCI Probes Pricing Patterns in ONGC Tenders

In a significant development that could have wide-ranging implications for India’s steel and infrastructure sectors, officials from the Competition Commission of India (CCI) conducted surprise raids at the offices of Jindal Saw Ltd. in New Delhi on September 16, 2025, as part of an ongoing investigation into alleged bid rigging practices in government tenders.

 

The raids, which also targeted Maharashtra Seamless Ltd., were triggered by a 2023 complaint filed by the Oil and Natural Gas Corporation (ONGC), India’s state-run energy giant. According to sources familiar with the matter, ONGC raised concerns about suspicious pricing behavior and collusion among steel pipe manufacturers during the bidding process for high-value tenders related to pipeline infrastructure2.

 

What Prompted the Investigation?

The complaint from ONGC reportedly cited unusual price patterns and limited competition in several tenders for seamless steel pipes—critical components in oil and gas transmission. A confidential government document reviewed by Reuters revealed that ONGC had submitted multiple rounds of evidence to the CCI, including its internal assessment of price behavior and vendor conduct.

 

The CCI, India’s antitrust watchdog, responded by initiating a formal probe and eventually conducting search-and-seizure operations at the corporate offices of Jindal Saw and Maharashtra Seamless. These raids are part of the CCI’s broader mandate to ensure fair competition and prevent monopolistic practices in key sectors.

 

Market Reaction and Industry Impact

Following the news of the raids, shares of Jindal Saw Ltd. (JIND.NS) fell by 2.6%, while Maharashtra Seamless saw a 1.6% decline, reflecting investor anxiety over potential regulatory fallout. Analysts warn that if the allegations are substantiated, the companies could face hefty fines, contract cancellations, and reputational damage, especially in the public procurement space.

 

Jindal Saw Ltd., a flagship company of the OP Jindal Group, is a major player in the steel pipe manufacturing industry, with clients across oil & gas, water infrastructure, and construction. The company has long been a preferred vendor for government and private sector projects, making the investigation particularly sensitive.

 

What Happens Next?

In such antitrust investigations, CCI officials typically collect internal documents, emails, pricing records, and communications with vendors. Company executives and procurement teams may also be questioned. The process can take several months, and outcomes range from exoneration to penalties and structural remedies.

 

Neither Jindal Saw nor Maharashtra Seamless has issued an official statement as of this writing. The CCI also declined to comment, citing confidentiality rules that govern ongoing investigations3.

 

Legal experts suggest that the companies may seek to cooperate with the investigation to mitigate potential penalties. If found guilty of bid rigging, they could face fines up to 10% of their annual turnover, as per the Competition Act, 2002.

 

Broader Implications for Procurement and Policy

This case could prompt a re-evaluation of procurement practices in India’s infrastructure sectors, especially in industries where a handful of firms dominate supply chains. It may also lead to greater scrutiny of vendor behavior, pricing algorithms, and tender design by public sector undertakings.

 

The ONGC complaint and subsequent raids highlight the growing role of data-driven oversight and regulatory vigilance in India’s evolving business environment. As the country ramps up its infrastructure spending under initiatives like PM Gati Shakti and National Infrastructure Pipeline, ensuring fair competition will be critical to maintaining transparency and efficiency.

 

Sources: The Hindu BusinessLine, The Economic Times, Hindustan Times