JK Cement Expands Footprint with Saifco Acquisition in Kashmir

JK Cement plans to acquire a 60% stake in Saifco Cements for Rs 174 crore, marking its entry into the Jammu & Kashmir market. The acquisition aims to enhance JK Cement's growth and utilize Saifco's rich limestone reserves. Regulatory approvals are awaited.

JK Cement, a prominent cement producer, has announced its acquisition of a 60% stake in Saifco Cements, marking the company's strategic entry into the Jammu & Kashmir market.

The acquisition deal, valued at Rs 174 crore, includes Saifco's integrated manufacturing unit located in Srinagar, which spans 54 acres with significant clinker and grinding capacities. This move comes as part of JK Cement's efforts to expand and tap into new markets.

JK Cement Managing Director Raghavpat Singhania emphasized the acquisition's potential to strengthen market presence and facilitate infrastructural development in the region. The partnership awaits necessary regulatory approvals.

(With inputs from agencies.)