JK Cement Sets the Foundation in Kashmir with Saifco Acquisition
JK Cement has acquired a 60% stake in Saifco Cements, establishing a manufacturing presence in Srinagar. This strategic move signifies regional economic empowerment, as JK Cement takes management control and Saifco becomes a subsidiary. The partnership aims to unlock potential and foster growth in Jammu & Kashmir's market.
- Country:
- India
JK Cement has completed the acquisition of a major stake in Saifco Cements, securing 60% ownership for Rs 150 crore. This move establishes JK Cement as the first major manufacturer to commence operations in Srinagar, promising significant economic impact.
The formal agreement sees JK Cement gain management control of Saifco, marking it as a subsidiary. The restructured board will now include three new directors appointed by the company, maintaining a balance with the existing promoter representatives.
The acquisition underscores a shared commitment between JK Cement and Saifco to enhance infrastructure and create opportunities in the Kashmir Valley, aligning with their vision for regional self-reliance and community benefit.
(With inputs from agencies.)
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