The board of Jubilant Industries Limited has approved sale of the land and building of the manufacturing unit situated at Village Nimbut in Pune for a consideration of Rs. 12.35 crore and the plant and machinery of the undertaking for a consideration of Rs. 95 lakh to Jubilant Life Sciences Limited (JLL).

The proposed sale is also subject to members’ approval and requisite approvals from statutory and regulatory authorities, if any.

JLL is a leading professional services firm that specializes in real estate and investment management. JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, operations in over 80 countries and a global workforce of nearly 93,000 as of June 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated.

The company has reported loss of Rs. 3.10 crores in Q1FY21 as against profit of Rs. 9.55 crores in the corresponding period last year.

Its sales dropped by 37.69% YoY and stood at Rs. 95.16 crores in the first quarter as compared to Rs. 152.73 crores during the period ended June 30, 2019.