India Cements Ltd. also owns the Chennai Super Kings (CSK) T-20 cricket franchise.
“The search by ED officials was in relation to an investigation into certain foreign exchange transactions done in the normal course of business by India Cements Capital Ltd, (ICCL), an associate company of The India Cements Ltd.”
“ED officials raised certain queries with us and we have provided necessary clarifications to them,” an ICCL statement said.
It said ICCL is an authorised dealer in providing forex services and has been providing these services to its clients complying with rules framed by the Reserve Bank of India.
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