Govt must ensure corp takeovers are fair, monopolies not created: Cong

The Congress on Saturday said it is the government's responsibility to ensure that competition among corporates is not stifled, oligopolies or monopolies do not emerge and corporate takeovers are free and fair.

It is also the government's responsibility to ensure that undue advantage arising out of access to political power is not exercised, party general secretary Jairam Ramesh said.

His comments came after the Adani Group acquired Penna Cements while strengthening its share in the cement sector in southern India.

"Aap chronology samajhiye (understand the chronology): September 2022: Adani acquires Ambuja Cements and ACC, to become country's second largest cement player. August 2023: Adani acquires Sanghi Industries, India's largest single-location cement unit. June 2024: Adani acquires Penna Cements, giving it substantial market share even in the last remaining region of South India." he said.

"Upcoming: Adani is exploring the acquisition of Saurashtra Cement, Vadraj Cement, and