JK Cement Ltd enters into a Joint Venture Agreement with Saifco Cements Private Limited
This acquisition marks a strategic step in expanding JK Cement’s presence in one of the fastest-growing regions of the country and furthering its footprint in Northern India.
JK Cement Ltd enters into a Joint Venture Agreement with Saifco Cements Private Limited
JK Cement Ltd, one of the leading building materials companies and one of India's leading manufacturers of grey cement, as well as one of the largest producers of white cement globally, announced that it has entered into a joint venture agreement with Saifco Cements Pvt. Ltd., one of the leading cement brands in the Kashmir valley and having an enterprise valuation of INR 290 Crores. JK Cement will acquire a 60% stake in Saifco Cements at a value of INR 174 Crore.
This acquisition marks a strategic step in expanding JK Cement’s presence in one of the fastest-growing regions of the country and furthering its footprint in Northern India.
Saifco Cements brings strong manufacturing capabilities and an impressive presence in Jammu & Kashmir market, which will scale up to meet the business plan objectives for JK Cement over the next few years.
This move aligns with the government’s focus on boosting infrastructural growth in the Jammu and Kashmir region, accelerating the development journey.
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The government is committed to Jammu and Kashmir's progress and has undertaken multiple projects and initiatives for the state’s growth and infrastructural development. The acquisition will involve both companies working together to increase the capacity of cement production by leveraging the expanse of the limestone reserves in the next 5 years.
Saifco’s integrated manufacturing unit at Khunmoh in Srinagar is spread across 54 acres of land and has a clinker capacity of 0.26MTPA and grinding capacity of 0.42MTPA. It has captive limestone reserves spread over an area of 144.25 hectares with a total minable reserve of 129MnT.
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Expressing his delight, Dr. Raghavpat Singhania, Managing Director, of JK Cement Ltd. said “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. We are committed to ensuring a seamless and successful integration of our businesses, bringing together our combined expertise and experience. The state of J&K holds not only holds strategic importance but also has immense potential for infrastructural development and partnering with Saifco Cements is a step towards solid cementing goal to manufacture the best for our customers and nation.”
Mr. Manzoor Ahmad Guna, Chairman, of Saifco Cements Pvt. Ltd. said “We are very happy to join hands with JK Cement who are deeply committed to the nation’s growth, people, and communities. We are excited about the opportunity to work together to scale our operations and establish ourselves as the leading cement players in the Kashmir Valley. At Saifco, we take pride in our endeavor towards bringing the country’s leading business houses to the valley and contribute to its growth and development through such strategic alliances. We are confident that this partnership will empower us with the expertise and resources needed to drive continued success.”
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