JSA, Khaitan act on Saifco-JK Cement Joint Venture

Saifco Cements Private Limited has entered into a joint venture with J.K. Cement Limited. Through this venture, J.K. Cement acquired a 60% stake in Saifco Cements for approximately ₹174 crore. The transaction included both primary issuance and secondary acquisition of shares of Saifco by J.K. Cement.

JSA Advocates & Solicitors assisted Saifco Cements on this JV.

The transaction team consisted of Sidharrth Shankar (Lead Partner), Prakriti Jaiswal (Partner), Shringarika Priyadarshini (Partner), Dhruv Malhotra (Principal Associate) and Jatin Oberoi (Associate).

Khaitan & Co advised JK Cement on this transaction. The role of Firm included assistance in relation to closing of the transaction, including review of documents in relation to completion of conditions precedent, preparation and review of closing documents, purchase of sale shares and subscription to equity shares of Saifco Cements.

The core team consisted of Deepak Jodhani (Partner), Pashupati Nath (Partner), Sakshi Duggal (Senior Associate) and Swetank Neelabh (Associate) with assistance from the following:

Intellectual Property: Nirupam Lodha (Partner) and Malika Nandkeolyar (Senior Associate);

Real Estate: Avnish Sharma (Partner), Rupali Singh (Principal Associate) and Siddharth Godha (Principal Associate).

The joint venture aims to increase cement production capacity in the region over the next five years, capitalising on Saifco's extensive limestone reserves.

This acquisition represents a strategic move to expand JK Cement's presence in one of the country's fastest-growing regions, strengthening its footprint in the promising Kashmir valley. The joint venture also aligns with the government's emphasis on enhancing infrastructure development in Jammu and Kashmir, speeding up the region's growth.

Saifco is among Jammu & Kashmir’s top manufactures of cement with an integrated manufacturing unit spread across 54 acres of land at Khunmoh, Srinagar, and has a clinker capacity of 0.26MTPA and grinding capacity of 0.42MTPA. Saifco has captive limestone reserves spread over on an area of 144.25 hectares with a total minable reserve of 129MnT.

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