After a meeting with Chief Minister M. Karunanidhi on Thursday, cement manufacturers have agreed to reduce the price of cement by Rs.10 per bag.
Mr. Karunanidhi, Law Minister Durai Murugan, Chief Secretary S. Malathi and Finance Secretary K. Shnamugam held the meeting with India Cements managing director N. Srinivasan, Chettinad Cements managing director M.A.M.R. Muthiah and Madras Cements vice-president P.R. Venkatrama Raju on controlling cement prices at the Secretariat.
Emerging from the meeting, Mr. Srinivasan told reporters that the cement manufacturers had decided to reduce the price of cement sold to stockists by about Rs.10. “Ultimately, customers will benefit.”
This was the second round of discussions between the government and the cement manufacturers on controlling cement prices this week.
After the initial meeting the manufacturers had informed the Chief Minister that they would have an internal discussion before taking a decision. After Thursday's meeting, the price was reduced for the benefit of consumers.
A statement from the India Cements Limited said the price of cement to stockists in the State was being rolled back with immediate effect. The revised price to stockists in Chennai and Chengalpattu would be Rs. 255 per bag. It would be Rs. 260 per bag in all other districts.
According to industry insiders, the price of cement was not as high as it was two years ago but the cement manufacturers, despite the free market economy, had agreed to slash the price in deference to the request of the government in the larger interest of consumers.