NEW DELHI: JK Cement has formalised its joint venture agreement with Saifco Cements of acquiring a 60% stake in the company. With this, the company has set up manufacturing operations in Srinagar, Jammu & Kashmir.
The company paid the consideration of ₹149.81 crore towards acquisition of 60% equity shares of Saifco. Upon this acquisition, Saifco has become a subsidiary of the company.
Raghavpat Singhania, managing director of the company said, “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.”
As part of the acquisition, the company will invest in eco-friendly manufacturing processes, aiming to reduce the carbon footprint of cement production.
Saifco Cements has a manufacturing unit at Khunmoh, Srinagar, equipped with clinker (0.26MnTPA) and grinding capacities (0.42 MnTPA), along with captive limestone reserves.
