In a significant business development, JK Cement has acquired a 60% stake in Saifco Cements, a Srinagar-based cement manufacturer.
The ₹174 crore deal, announced on January 26, 2025, marks a strategic move by JK Cement, headquartered in Kanpur, Uttar Pradesh, to expand its operations in Jammu Kashmir and strengthen its presence in Northern India.
Saifco Cements operates an integrated cement facility in Khunmoh, Srinagar, spanning 54 acres. The plant has a clinker production capacity of 0.26 million tonnes per annum and a grinding capacity of 0.42 million tonnes per annum.
It also has access to vast limestone reserves covering 144.25 hectares, with an estimated mineable reserve of 129 million tonnes. Valued at ₹290 crore, Saifco Cements provides JK Cement with an established production base, bypassing the challenges of setting up a new facility.
Raghavpat Singhania, Managing Director of JK Cement, described the acquisition as a major milestone in the company’s growth strategy. “Jammu and Kashmir holds strategic importance for us, and partnering with Saifco Cements aligns with our goal to manufacture the best for our customers and the nation. This acquisition allows us to tap into a region ripe with opportunities,” he stated.
With this acquisition, JK Cement, one of India’s leading cement producers with an annual revenue of approximately ₹9,000 crore, has established itself as a key player in Kashmir’s cement industry.