JK Cement Acquires 60% Stake In Saifco Cements For ₹1.5 Billion

JK Cement Ltd. announced on Friday that it has acquired a 60% stake in Saifco Cements Pvt. Ltd. for a cash consideration of ₹1.5 billion. Post-acquisition, Saifco Cements will become a subsidiary of JK Cement, which will also appoint three directors to Saifco’s board, the company said in an exchange filing.

Saifco Cements, incorporated in 1997, operates an integrated unit with a clinker capacity of 260,000 tonnes per annum in Jammu and Kashmir, along with a grinding unit that has a capacity of 420,000 tonnes per annum.

JK Cement is among India’s leading grey and white cement manufacturers, with an installed capacity of 24.34 million tonnes per annum for grey cement and 1.12 million tonnes per annum for white cement.