Latest news with #Saifco
Times of Oman
03-08-2025
- Business
- Times of Oman
MoU signed to enhance food security through sesame cultivation in Dhofar
Salalah: A Memorandum of Understanding (MoU) was signed on Sunday at Salalah Free Zone between "Saifco," a food industry company operating in the zone, and the Dhofar Governorate branch of the Oman Agricultural Association. The agreement is for the cultivation of sesame in the Al Najd area, as part of efforts to support food security and enhance national value chains. This initiative is a joint cooperation programme between the Ministry of Agriculture, Fisheries, and Water Resources, the Public Authority for Special Economic Zones and Free Zones, and the Salalah Free Zone. It aims to connect local agricultural production with the food industry and achieve the objectives of Oman Vision 2040. Under the agreement, Saifco commits to purchasing the sesame harvest from farmers in the first season, with plans for expansion in subsequent seasons. The project covers an area of 600 acres, benefiting 35 farmers with an estimated production of 300 tonnes in its first phase. This partnership seeks to reduce reliance on sesame imports and boost self-sufficiency to meet the needs of local food industries, particularly for tahini and halwa. Sesame is a suitable crop for the desert environment of the Al Najd area and is known for its multiple uses in the food, cosmetic, and medicinal industries, in addition to its high nutritional value. Dr. Ali Mohammed Tabuk, CEO of the Salalah Free Zone, affirmed that the initiative is part of the zone's efforts to enhance economic development by stimulating qualitative partnerships between investors and the local community. He added that the Salalah Free Zone aims to empower local production-based industries and support integrated value chains, thereby contributing to sustainable development in Dhofar Governorate and Oman as a whole. The project serves as a practical model of cooperation among government entities, free zones, and the private sector. It embodies the role of the Salalah Free Zone in supporting national projects that contribute to the development of local industries, the empowerment of SMEs, and the enhancement of self-sufficiency and sustainable growth.
Business Standard
09-06-2025
- Business
- Business Standard
JK Cement acquires majority stake in Saifco Cements to foray into J&K
JK Cement said that it has acquired 60% stake in Saifco Cements for total consideration of Rs 149.79 crore. Saifco Cements (Saifco) engaged, inter alia, in business of manufacture and sale of cement and clinker, at present it has an integrated unit with clinker capacity of 0.26 million tonnes per annum (MnTPA); grinding capacity of 0.42 MnTPA. The plant is operational and located at Village: Khunmoh, Srinagar, Jammu & Kashmir (J&K). Its turnover was Rs 73.17 crore in FY25. The acquisition will help the company expand its footprint into the Jammu and Kashmir. Following the acquisition, Saifco has become a subsidiary of the company with immediate effect and the board of the Saifco shall be reconstituted, with three individuals nominated by the company will be appointed as additional directors on the board of Saifco and two directors would continue to represent existing promoter and promoter group of Saifco. JK Cement is one of Indias leading manufacturers of grey cement and one of the leading white cement manufacturers in the world. The company is engaged in the manufacturing and selling of cement and allied products. The companys consolidated net profit jumped 64% to Rs 360.36 crore on 15.3% increase in net sales to Rs 3,581.18 crore in Q4 FY25 over Q4 FY24. The scrip declined 1.58% to Rs 5,784.15 on the BSE.
Hans India
08-06-2025
- Business
- Hans India
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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Business Standard
07-06-2025
- Business
- Business Standard
JK Cement acquires 60% stake in J&K-based Saifco Cements for Rs 150 cr
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 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.
