JKCement signs pact with Saifco Cements of J&K; to set up factory in Srinagar
New Delhi: JKCement will be the first major cement manufacturer of the country to set up manufacturing operations in Srinagar in Kashmir.
This is because of a joint venture agreement it signed with Saifco Cements Pvt. Ltd. under which it will acquire 60% stakes in the latter.
Saifco Cements brings to the partnership a well-established manufacturing unit at Khunmoh, Srinagar, equipped with clinker and grinding capacities, along with substantial captive limestone reserves.
“This strategic acquisition marks JKCement’s commitment to contributing to the government’s vision of robust infrastructure development and inclusive growth in the region of J&K,” said a statement by the company here.
With this move, JKCement will not only enhance production capacity but also create significant local direct and indirect employment opportunities, thereby empowering the local communities in and around the region, it said.
Commenting on this significant development, Dr. Raghavpat Singhania, Managing Director of JK Cement Ltd. said, “We are pleased to welcome the Saifco Cements family into the JK Cement family.”
He said The Jammu & Kashmir market has untapped potential for local manufacturing, “and with our combined expertise, we aim to transform the region and ensure benefits for the communities.”
Expressing gratitude to the Government of Jammu & Kashmir and Lt. Governor for their “unwavering support”, Singhania said, “Together with the Saifco Cement family, we are committed to driving sustainable growth, generating employment, and building a stronger, self-reliant infrastructure ecosystem in the region.”
As part of the acquisition, JK Cement will invest in eco-friendly manufacturing processes, aiming to reduce the carbon footprint of cement production, the company statement said.
“This formalisation will significantly strengthen JKCement’s enduring commitment to community empowerment, building on five decades of impactful social practices to uplift and support their long-term vision,” it said.
Sharing his views on the acquisition, Madhavkrishna Singhania, Joint MD and CEO of JK Cement Ltd. said, “With this acquisition, we are strategically positioned to build a robust presence in Jammu and Kashmir.”
He added, “This acquisition represents a significant milestone for us, solidifying our presence in Northern India and reaffirming our commitment to contributing to the nation’s progress through sustainable and strategic investments. Through the course of the years we will implement some of our best sustainability practices in and around the plant. We also hope that this initiative will encourage further investments in the state and the region, contributing to its development.”
Partnering with JKCement marks a significant milestone for Saifco Cements,” said Suhail Manzoor Guna, Director, Saifco Cements Pvt. Ltd.
“This alliance reflects our shared vision of advancing infrastructure in Kashmir while creating meaningful opportunities for its people. JK Cement’s strong legacy and commitment to inclusive growth perfectly align with our belief in building a stronger, self-reliant Valley. We look forward to this collaboration unlocking new potential, enhancing operational scale, and paving the way for long-term progress in the region,” he added.
The acquisition heralds a new era poised to capitalize on the immense potential of the Kashmir Valley. (BVI)
