JK Cement completes acquisition of 60% stake in Saifco Cements
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…