JK Cement Ltd., a leading building materials company and one of India’s largest manufacturers of grey cement, has entered into a joint venture agreement with Saifco Cements Pvt. Ltd., a prominent cement brand in the Kashmir Valley.
As part of the agreement, JK Cement will acquire a 60% stake in Saifco Cements at a value of INR 174 Crore. Saifco Cements has an enterprise valuation of INR 290 Crores.
Dr. Raghavpat Singhania, Managing Director, JK Cement Ltd., expressed his delight, saying, “Known for its rich culture and resilience, Jammu & Kashmir brings a special meaning to us, this acquisition is a significant step forward in accelerating JK Cement’s growth journey.”
The joint venture aims to leverage Saifco Cements’ strong manufacturing capabilities and impressive presence in the Jammu & Kashmir market. Saifco Cements’ integrated manufacturing unit at Khunmoh in Srinagar spans 54 acres of land, with a clinker capacity of 0.26 MTPA and grinding capacity of 0.42 MTPA.
Madhavkrishna Singhania, Joint Managing Director and Chief Executive Officer, JK Cement Ltd., stated, “With this acquisition, we are strategically positioned to build a robust presence in Jammu and Kashmir.”
Manzoor Ahmad Guna, Chairman, Saifco Cements Pvt. Ltd., added, “We are very happy to join hands with JK Cement who are deeply committed towards nation’s growth, people, and communities.”
