JK Cement buys stake in J&K-based Saifco
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.'
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