&w=3840&q=100)
JK Cement acquires 60% stake in J&K-based Saifco Cements for Rs 150 cr
Listen to This Article
JK Cement has completed the acquisition of a majority 60 per cent stake in Jammu & Kashmir-based Saifco Cements for Rs 150 crore, formalising a joint venture with the company.
This makes the JK Organisation group firm as the first major cement manufacturer to set up manufacturing operations in Srinagar, signalling a step towards regional economic empowerment, according to a joint statement.
As per the shareholders' agreement between the company and its promoters, JK Cement will acquire management control and hold 60 per cent of the paid-up capital of Saifco.
"The investment of Rs 149.81 crore would be paid to the existing promoters of Saifco and also to Saifco for acquisition of 60 per cent equity capital of Saifco," it said.
Following this, Saifco Cements has become a subsidiary of JK Cement with immediate effect.
Moreover, the "board of the Saifco shall be re-constituted and three persons nominated by the company will be appointed as additional directors on the board of Saifco and two directors will continue to represent the existing promoter and promoter group of Saifco," it said.
Incorporated in 1997, Saifco has an integrated plant in Khonmoh (Srinagar) and is manufacturing OPC with a clinker capacity of 0.26 MnTPA and a grinding capacity of 0.42 MnTPA.
Its turnover for 2024-25 was at Rs 73.17 crore.
JK Cement Managing Director Raghavpat Singhania said, "We are pleased to welcome the Saifco Cements family into the JK Cement family. The Jammu & Kashmir market has untapped potential for local manufacturing, and with our combined expertise, we aim to transform the region and ensure benefits for the communities." Saifco Cements Director Suhail Manzoor Guna said, "This alliance reflects our shared vision of advancing infrastructure in Kashmir while creating meaningful opportunities for its people. JK Cement's strong legacy and commitment to inclusive growth perfectly align with our belief in building a stronger, self-reliant Valley. We look forward to this collaboration unlocking new potential, enhancing operational scale, and paving the way for long-term progress in the region." JK Cement has an installed grey cement capacity of 24.34 MnTPA. It is one of the leading manufacturers of white cement globally, with a total white cement capacity of 1.12 MnTPA and wall putty capacity of 1.33 MnTPA.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
10 minutes ago
- Time of India
Nitin Gadkari promises single-digit logistics cost in India by 2026
Advt Join the community of 2M+ industry professionals. Subscribe to Newsletter to get latest insights & analysis in your inbox. Get updates on your preferred social platform Follow us for the latest news, insider access to events and more. Union Minister of Road Transport and Highways, Nitin Gadkari , on Sunday affirmed that India's logistics cost will come down to single-digit by the end of logistics cost of India is 14-16 per cent, China's is 8 per cent, and Europe and America have 12 per cent each, Gadkari said, addressing the event in the national capital that marked the inauguration of two major National Highway projects by Prime Minister Narendra Modi."I want to assure the Prime Minister and all of you that before the end of 2026, the logistics cost of our country will come in the single digits, which will be very important for our exports. We will become even more competitive," the Minister said. Prime Minister Modi today inaugurated two major National Highway projects worth a combined cost of nearly ₹11,000 projects -- the Delhi section of the Dwarka Expressway and the Urban Extension Road-II (UER-II) -- have been developed under the Government's comprehensive plan to decongest the capital, with the objective of greatly improving connectivity, cutting travel time, and reducing traffic in Delhi and its surrounding 10.1 km long Delhi section of Dwarka Expressway has been developed at a cost of around Rs. 5,360 crore. The section will also provide Multi-modal connectivity to Yashobhoomi, DMRC Blue line and Orange line, the upcoming Bijwasan railway station and the Dwarka cluster Bus Depot. This section comprises:The Prime Minister earlier inaugurated the 19 km long Haryana section of the Dwarka Expressway in March Minister also inaugurated the Alipur to Dichaon Kalan stretch of Urban Extension Road-II (UER-II) along with new links to Bahadurgarh and Sonipat, built at a cost of around ₹5,580 will ease traffic on Delhi's Inner and Outer Ring Roads and busy points like Mukarba Chowk, Dhaula Kuan, and NH-09. The new spurs will provide direct access to Bahadurgarh and Sonipat, enhance industrial connectivity, reduce city traffic, and expedite goods movement in the NCR.... With both these projects, the people of Delhi NCR will get great relief from traffic jams. If I say that the problem of 50 per cent traffic jam in Delhi will be reduced due to these highways, I think it will not be surprising," Union Minister Gadkari said.
Time of India
20 minutes ago
- Time of India
The most expensive teapot in the world costs $3 million, but does not even serve tea! Read on to know all about THIS luxury piece
Egoist the teapot(Photo: Guinness World Records) Can a mere teapot be more valuable than most luxury cars, yet it never brews a cup of tea for a guest? Made with obsessive attention to detail, this solitaire studded artifact bridges centuries of craftsmanship, goodwill, and cultural homage and holds the title of the most expensive teapot in the world. In 2016, Guinness World Records declared 'The Egoist' as the world's most valuable teapot, with a staggering valuation of up to $3 million. It was commissioned by the N. Sethia Foundation, a UK-based charitable organization founded by British‑Indian philanthropist Nirmal Sethia, and sponsored by his luxury tea company Newby Teas, the teapot was created as an homage to the world's finest teas. Who made this teapot This unique masterpiece was made by Milanese jeweller Fulvio Scavia. Its base is made up of 18‑carat yellow gold and sections of gold-plated genuine silver, giving it a rich and regal foundation, according to the official website of Guiness World Record. The exterior is lavishly adorned with 1,658 brilliant-cut diamonds and 386 rubies, which have been taken from Thailand and Burma, resulting into a bright, dazzling display. At its heart sits a 6.67‑carat Thai ruby, emphasizing the teapot's luxurious aesthetic. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Could This NEW Collagen Blend Finally Reduce Your Cellulite? Vitauthority Learn More Undo Egoist the teapot(Photo: Guinness World Records) The handle is made up of Ivory Interestingly, the teapot's handle is made from moulded fossilised mammoth ivory, a prehistoric material that needs to be handled with extra delicacy and precision, as noted by Guinness World Records itself. Sure! Here's a rephrased version of the passage in a simple, easy-to-understand tone while keeping all the key information and quotes intact, Nirmal Sethia build the collection in memory of his wife. According to the Chitra Collection's official website, 'The Chitra Collection is an extraordinary private museum of historic teawares.' Back in 2011, Nirmal Sethia, Chairman of the luxury tea company Newby Teas, began building what he hoped would become the world's greatest collection of tea-related items. His goal was to preserve and celebrate the rich cultural history of tea. Named in memory of his late wife, Chitra, the collection now includes nearly 2,000 items and is considered one of the most complete and finest collections of its kind. The teaware on display comes from Europe, Asia, and the Americas, covering more than 1,000 years of tea history. Tea has been an important aspect in history Egoist the teapot(Photo: Guinness World Records) The website further explains that, 'For centuries, tea played a central role in culture and society as a medicinal and revitalising drink, a focus for hospitality and familial domesticity, and as a symbol of national identity.' It adds that tea has also had a deep impact on history, 'Tea was also politically and economically significant as a source of profit, a tool of empire and as a trigger for revolution, war and slavery. Today, tea is the most ubiquitous of beverages and occupies an important place in the heart of Britain's life and psyche.' All the unique and beautifully crafted teawares in the Chitra Collection highlight how deeply tea has influenced art, culture, and daily life over the past thousand years. Although the collection is currently kept privately in London, there are discussions about eventually opening it to the public for exhibition.
News18
31 minutes ago
- News18
Arunachal's agri-allied sector witnessing rapid growth: Khandu
Itanagar, Aug 17 (PTI) Arunachal Pradesh Chief Minister Pema Khandu on Sunday said the state's agriculture and allied sector is moving on a fast track of growth and transformation, with farmers steadily shifting towards higher productivity, sustainability and prosperity. Khandu, in a post on X, said an amount of Rs 142.67 crore has been directly transferred to 99,656 farmers under the Pradhan Mantri Kisan Samman Nidhi (PM-Kisan) scheme. 'This direct financial support has strengthened the confidence of our farmers and helped them invest more in their fields," he said. The chief minister also highlighted that 1,02,295 farmers have been provided with soil health cards, enabling them to understand soil conditions and adopt scientific farming practices. 'Healthy soil is the foundation of healthy crops, and we are ensuring our farmers get the right knowledge to use their land sustainably," he said. On irrigation, Khandu said that under the PM-Per Drop More Crop programme, 26,163 hectares of farmland have been covered and 5,658 farmers benefited through efficient micro-irrigation facilities. The CM also underlined the state's push for organic farming. He said 15,099 farmers have been supported under the Mission Organic Value Chain Development project, with Rs 23.25 crore released to promote chemical-free cultivation. 'Organic farming is not only eco-friendly, but also enhances the market value of our produce," he said. Khandu added that 96,492 Kisan Credit Cards (KCCs) have been issued, achieving 99.26 percent saturation in the state. 'This ensures that almost every eligible farmer now has timely access to credit, removing dependency on informal sources," he noted. To modernise farm practices, the government has also distributed 42,418 modern farm tools over the last nine years. 'Tools and technology are empowering our farmers to increase productivity and reduce manual drudgery," Khandu said. 'From credit to crops, tools to technology, Arunachal's farmers are moving towards higher productivity, sustainability, and prosperity," the chief minister said. PTI UPL RBT view comments First Published: August 17, 2025, 17:00 IST Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
