JK Cement has completed the acquisition of a majority 60 per cent stake in Jammu & Kashmir-based Saifco Cements for Rs 150 crore. Following this, Saifco Cements has become a subsidiary of JK Cement with immediate effect.
In an exchange filing, the company said, “We are pleased to inform you that today the Company has paid the consideration of Rs. 149.81 Crores towards acquisition of 60% Equity Shares of Saifco and simultaneously the said Equity Shares of Saifco constituting 60% Equity has been transferred/allotted/credited in the demat account of the Company.”
Speaking on this significant development, Dr. Raghavpat Singhania, Managing Director, JK Cement Ltd. 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. We are deeply grateful to the Government of Jammu & Kashmir and the Hon'ble Lt. Governor for their unwavering support. Together with the Saifco Cement family, we are committed to driving sustainable growth, generating employment, and building a stronger, self-reliant infrastructure ecosystem in the region."
This landmark partnership establishes JKCement as the first major cement manufacturer to set up manufacturing operations in Srinagar, signalling a decisive step toward regional economic empowerment.
With this move, JKCement will not only enhance production capacity but also create significant local direct and indirect employment opportunities, thereby empowering the local communities in and around the region.
