JK Cement said that it has acquired 60 per cent stake in Saifco Cements for total consideration of INR1497m (US$175m).
Saifco Cements (Saifco) has an integrated unit with clinker capacity of 0.26Mta and a cement grinding capacity of 0.42Mta. The plant is operational and located in Khunmoh village, Srinagar, Jammu and Kashmir. Its turnover was INR731m (US$85.5m) in FY24-25. The acquisition will help the company expand its footprint into Jammu and Kashmir, India.
Following the acquisition, Saifco has become a subsidiary of the company with immediate effect and the board of the Saifco shall be reconstituted, with three individuals nominated by the company will be appointed as additional directors on the board of Saifco, and two directors would continue to represent the existing promoter and the promoter group of Saifco.
