JUNE 08: JK Cement Ltd. has completed the acquisition of a 60% equity stake in Saifco Cements, a cement manufacturing company based in Jammu & Kashmir, for a total consideration of ₹149.81 crore. This move is aimed at enhancing JK Cement’s manufacturing capabilities while contributing to the industrial growth of the region.
As part of the acquisition, a shareholder agreement and share purchase agreement have been executed, giving JK Cement management control over Saifco Cements. With this, Saifco has officially become a subsidiary of JK Cement. The deal involves a combination of payment to the existing promoters and capital infusion into Saifco Cements for future growth.
Established in 1997, Saifco operates an integrated cement manufacturing facility in Khonmoh, Srinagar. The plant boasts a clinker production capacity of 0.26 million tonnes per annum (MnTPA) and a cement grinding capacity of 0.42 MnTPA. During the fiscal year 2024–25, Saifco Cements reported a turnover of ₹73.17 crore.
Following the acquisition, the board of directors of Saifco Cements will be restructured. JK Cement will appoint three directors, who will work alongside two representatives from Saifco’s original promoter group.
This acquisition marks a significant milestone as JK Cement becomes the first major cement manufacturer to establish a production base in Srinagar. The move is expected to stimulate local production and support infrastructure development in the region.
Raghavpat Singhania, Managing Director of JK Cement, stated that the company is excited to collaborate with Saifco and sees great potential in Jammu & Kashmir. He emphasized that this partnership aligns with JK Cement’s vision of sustainable regional development and value creation through local engagement.
Suhail Manzoor Guna, Director of Saifco Cements, welcomed the partnership, noting that it reflects a shared vision for infrastructure enhancement and employment generation in Kashmir. He expressed optimism that this collaboration would scale up operations and contribute to long-term prosperity in the region.
With this acquisition, JK Cement now has an installed grey cement capacity of 24.34 MnTPA. It also operates white cement and wall putty production units with capacities of 1.12 MnTPA and 1.33 MnTPA, respectively.
Overall, the acquisition of Saifco Cements represents a strategic and forward-looking investment in regional industrialisation and inclusive growth.
