Srinagar, June 9 -- The acquisition, formalised through a shareholders' agreement, grants JK Cement management control of Saifco Cements, with immediate effect. The deal includes both payment to existing promoters and direct equity infusion into the company, according to a joint statement released by both firms.

"This joint venture marks a historic milestone for JK Cement," said Dr. Raghavpat Singhania, Managing Director of JK Cement Ltd. "With the support of the Government of Jammu & Kashmir and the Hon'ble Lt. Governor, we are confident this partnership will spur local employment, sustainability, and self-reliance."

Founded in 1997, Saifco Cements operates an integrated cement manufacturing facility in Khonmoh, Srinagar, with an insta...