-
ALSO READ
Jubilant Pharmova's unit enters into manufacturing partnership with Ocugen, Inc.
India Ratings assigns Jubilant Ingrevia 'IND AA' rating
Jubilant Pharmova gains after subsidiary wins over Bracco's legal appeals in US court
Jubilant Ingrevia announces divestment of 10% stake held in Safe Foods Corporation
Jubilant Ingrevia hits the roof after Jhunjhunwala hikes stake
-
Jubilant Ingrevia rallied 3.47% to Rs 786.50 after the company said its wholly-owned Singapore-based subsidiary divested its entire 10% stake in Safe Foods Corporation for Rs 134.20 crore.
Jubilant Life Sciences International, Singapore, the wholly owned subsidiary of Jubilant Ingrevia, divested its entire 10% stake, consisting of 5,40,463 shares, held in Safe Foods Corporation on Tuesday, 21 September 2021, for a consideration of $18.2 million (approx. Rs 134.20 crore) pursuant to approval of the plan of merger between Safe Food and Packers Sanitation Services Inc.
The current book value of Safe Foods Investment, reflected at fair value through other comprehensive income is $6.5 million (approx. Rs 47.80 crore).
On a consolidated basis, Jubilant Ingrevia's net profit stood at Rs 168.26 crore while net sales was at Rs 1,138.48 crore in Q1 June 2021.
Jubilant Ingrevia is a global integrated life science products and innovative solutions provider serving pharmaceutical, nutrition, agrochemical, consumer and industrial customers with customised products and solutions that are innovative, cost-effective and conforming to excellent quality standards.
The company offers a broad portfolio of high quality ingredients that find application in a wide range of industries. The company has 2,100 employees and serves more than 1,400 customers in more than 50 countries across the world. The company's portfolio also extends to custom research and manufacturing for pharmaceutical and agrochemical customers on an exclusive basis.
Powered by Capital Market - Live News
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU