Jubilant Ingrevia spurts after Singapore arm offloads stake in Safe Foods Corp

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.

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