JK Cement set to foray into J&K mkt

JKCement, one of the leading cement producers, has said it will acquire a 60 per cent stake of Saifco Cements in a deal through which it will enter into the Jammu & Kashmir (J&K) market.

The JK Group firm will acquire a 60 per cent stake in Saifco Cements, which has an integrated manufacturing unit at Khunmoh in Srinagar, at a valuation of Rs174 crore, according to a joint statement.

Saifco’s integrated manufacturing unit in Srinagar is spread across 54 acres of land and has a clinker capacity of 0.26 MTPA and grinding capacity of 0.42 MTPA. Besides, it has captive limestone reserves spread over 144.25 hectares with a total minable reserve of 129 million tonnes.

“The acquisition will help the company expand its footprint into the state of Jammu and Kashmir Region,” it said.

JK Cement has a manufacturing capacity of 24.2 MTPA (million tonnes per annum) having a strong presence in markets such as Rajasthan, Uttar Pradesh, and Madhya Pradesh. Its turnover for FY24 was at Rs86.30 crore. JK Cement Managing Director Raghavpat Singhania said this acquisition is a significant step forward in accelerating JK Cement’s growth journey. “We are committed to ensuring a seamless and successful integration of our businesses, bringing together our combined expertise and experience.”