JK Cement will purchase 60% stake in Saifco Cements, preparation for entry in Jammu and Kashmir Market – INA NEWS

JK Cement share worth: Veteran cement firm JK Cement has introduced to purchase a 60 per cent stake of Saifco Cements. Via this, she is going to enter the market of Jammu and Kashmir. Each firms gave this info on Saturday. JK Cement shares have fallen by 0.75 per cent on Friday and this inventory has closed at Rs 4754.50 on BSE. The corporate’s market cap is Rs 36,729.15 crore.

Deal for Rs 174 crore

Based on the assertion, JK Group’s firm will purchase a 60 per cent stake in Saifco Cements for Rs 174 crore, which has an built-in manufacturing unit in Khunmoh, Srinagar. Saifco’s Built-in Manufacturing Unit in Srinagar is unfold over 54 acres of land and its clinker capability is 2.6 lakh tonnes per 12 months and grind (grinding) capability is 4.2 lakh tonnes per 12 months.

As well as, it has non-public limestone reserves unfold over 144.25 hectares, of which the entire miningable reserves are 12.9 million tonnes. The corporate mentioned, “This acquisition will assist the corporate develop within the Jammu and Kashmir area.”

The manufacturing capability of JK Cement is 2.42 million tonnes per 12 months and has a powerful presence in markets like Rajasthan, Uttar Pradesh and Madhya Pradesh. Its turnover stood at Rs 86.30 crore within the final monetary 12 months (2023-24).

Raghavpat Singhania, managing director of JK Cement, mentioned that this acquisition is a crucial step in direction of dashing up the expansion journey of JK Cement. JK Cement Joint Managing Director and Chief Govt Officer Madhavakrishna Singhania mentioned that Saifko’s location and wealthy limestone reserves present a novel alternative to extend our total capability.