JK Cement invests Rs 149.81 Cr in Saifco Cements, acquires 60% stake

JK Cement has completed the acquisition of a 60% majority stake in Saifco Cements, a company based in Jammu & Kashmir, for Rs 150 crore. This strategic investment establishes a joint venture and makes JK Cement the first major cement manufacturer to set up operations in Srinagar. The acquisition gives JK Cement management control over Saifco, which has an integrated cement plant in Khonmoh, Srinagar. This move is part of JK Cement's expansion strategy and signals a significant step towards economic development and empowerment in the region. By entering the J&K market, JK Cement aims to tap into the local manufacturing potential and benefit the community. The deal involves payment to the existing promoters and an infusion of capital into Saifco, which will now operate as a subsidiary of JK Cement, leveraging the larger company's expertise and market reach.