Srinagar, June 10, 2025 – JK Cement Ltd., a leading Indian cement manufacturer, has formalized a joint venture with Saifco Cements Pvt. Ltd., acquiring a 60% stake for ₹149.81 crore, marking its entry as the first major cement producer to establish operations in Srinagar, Jammu & Kashmir. The strategic acquisition, completed on June 6, 2025, positions Saifco as a subsidiary of JK Cement, granting the company management control and a significant foothold in the region’s cement industry.
The deal involves Saifco’s integrated cement unit at Khunmoh, Srinagar, with a clinker capacity of 0.26 million tonnes per annum (MnTPA) and a grinding capacity of 0.42 MnTPA, supported by substantial captive limestone reserves. JK Cement’s investment includes payments to existing promoters and direct equity infusion into Saifco, with the board restructured to include three JK Cement-nominated directors and two from Saifco’s promoter group.
Dr. Raghavpat Singhania, Managing Director of JK Cement, stated, “The Jammu & Kashmir market has untapped potential for local manufacturing. With the support of the Government of Jammu & Kashmir and the Hon’ble Lieutenant Governor, we aim to drive sustainable growth, generate employment, and build a self-reliant infrastructure ecosystem.” Madhavkrishna Singhania, Joint MD & CEO, emphasized plans to implement environmentally friendly manufacturing practices, setting an industry benchmark for sustainability.
Suhail Manzoor Guna, Director of Saifco Cements, described the partnership as a “natural alignment of shared goals,” focused on advancing infrastructure and creating opportunities in Kashmir. The acquisition aligns with JK Cement’s broader strategy to expand its northern India presence and support regional economic empowerment. In FY25, Saifco reported a turnover of ₹73.17 crore, and the partnership is expected to boost local employment and infrastructure development.
The move has been well-received, with JK Cement’s share price surging 885% over recent years, closing at ₹5,870 on June 6, 2025. This acquisition not only enhances JK Cement’s production capacity but also underscores its commitment to fostering sustainable industrial growth in Jammu & Kashmir, a region poised for economic transformation.
