JK Cement Ltd, a leading player in India’s cement industry, has officially entered a joint venture with Saifco Cements Pvt Ltd, acquiring a 60% stake in the company. This milestone agreement positions JK Cement as the first major cement producer to set up operations in Srinagar, marking a significant step towards the region’s infrastructural growth and economic upliftment.
This partnership underscores JK Cement’s commitment to bolstering Jammu & Kashmir’s development and supporting the government’s goal of sustainable and inclusive growth. The collaboration will not only enhance local production capacity but will also generate numerous direct and indirect job opportunities, helping empower local communities in the area.
Dr Raghavpat Singhania, Managing Director of JK Cement Ltd, expressed his excitement about the collaboration, stating, “We are delighted to welcome Saifco Cements into the JK Cement fold. The Jammu & Kashmir market holds immense potential, and with our combined expertise, we aim to bring positive change to the region. We sincerely appreciate the support extended by the Government of Jammu & Kashmir and the Hon’ble Lt. Governor. Together with Saifco, we are focused on fostering sustainable growth, generating employment, and building a stronger, self-reliant infrastructure system for the region.”
As part of the acquisition, JK Cement is dedicated to introducing environmentally friendly manufacturing practices in the region. The company plans to adopt energy-efficient processes that will reduce the carbon footprint associated with cement production. This initiative is aligned with JK Cement’s long-standing social responsibility efforts and its vision for lasting community development.
Madhavkrishna Singhania, Joint MD and CEO of JK Cement Ltd, shared his views on the strategic acquisition, stating, “This partnership allows us to strengthen our position in Jammu & Kashmir. It is a significant milestone for us, cementing our presence in Northern India and reflecting our commitment to contributing to the country’s growth through responsible, sustainable investments. We aim to introduce best practices in sustainability around the plant and hope this initiative will encourage further investments in the region, driving overall development.”
Suhai lManzoor Guna, Director of Saifco Cements, emphasized the importance of the partnership: “Collaborating with JK Cement represents a pivotal moment for Saifco. Our shared vision of enhancing infrastructure in Kashmir and creating meaningful opportunities for the local community aligns perfectly with JK Cement’s values of inclusive growth. We look forward to this partnership opening up new avenues, scaling operations, and contributing to the region’s long-term development.”
The joint venture will leverage the significant potential of the Kashmir Valley. Saifco Cements brings an established manufacturing unit at Khunmoh, Srinagar, with clinker and grinding capacities and access to substantial limestone reserves. This partnership is set to unlock further growth and sustainability in the region, ultimately transforming the local cement industry.
JK Cement Ltd. is among India’s leading manufacturers of grey cement and a global leader in white cement production. Since its inception in 1975 with the establishment of its flagship grey cement plant in Nimbahera, Rajasthan, the company has consistently supported India’s infrastructure needs through high-quality products and cutting-edge technology.
With an installed grey cement capacity of 24.3 MTPA, JK Cement has a robust presence across 15 states in India, with a strong foothold in Uttar Pradesh and Madhya Pradesh. The company’s white cement division, with a production capacity of 1.48 MTPA, serves 36 countries worldwide, supported by its subsidiaries in Fujairah and Africa.
