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New Delhi: The government has approved strategic sale of Indian Medicines Pharmaceutical Corporation Ltd (IMPCL) to Skymap Pharmaceuticals Pvt Ltd for over Rs 121 crore, the finance ministry said on Tuesday.
The government had received two financial bids for buying 100 per cent stake, along with management control, in IMPCL, and among them, M/s. Skymap Pharmaceuticals Pvt Ltd has emerged as the highest bidder at Rs 121,00,94,400, which was also above the reserve price, the ministry said in a statement.
Also read: Fredun Pharmaceuticals board approves 2:1 bonus issue
Under the Ministry of Ayush, IMPCL is engaged in manufacturing and supplying standardised Ayurvedic and Unani Medicines. The Cabinet Committee on Economic Affairs (CCEA) had granted "in-principle" approval in November 2017 for the strategic disinvestment of the entire equity shareholding of IMPCL to a strategic buyer to be identified through a two-stage bidding process.
The strategic sale of IMPCL to Skymap Pharmaceuticals was approved by Alternative Mechanism, which is a Group of Ministers empowered by the CCEA and comprises of Minister for Road Transport and Highways, Finance Minister and Minister of State (Independent Charge) for Ministry of Ayush, the ministry added.
The transaction was implemented through a two-stage open, competitive bidding process supported by a multi-layered consultative decision-making mechanism involving an inter-ministerial group, a core group of secretaries on disinvestment, and the empowered alternative mechanism, it added.
"The Letter of Award has been issued to the successful bidder. Secretary, DIPAM and Secretary, AYUSH have been authorised to complete and close the transaction as early as possible," the ministry added.
The government had on September 1, 2023, issued Preliminary Information Memorandum (PIM) inviting Expression of Interest (EoI) from prospective bidders for sale of IMPCL. Seven interested parties expressed interest, all of which were shortlisted as qualified bidders.
Post-shortlisting, qualified interested bidders conducted due diligence and the security clearance was obtained from the MHA.
Also read: Drugs at your door: Signs of a disruption taking shape in India
The Request for Proposal (RFP), along with Share Purchase Agreement (SPA), containing terms and conditions were issued on December 1, 2025 inviting technical and financial bids. Two sealed financial bids were received from QIBs by January 20, 2026.
Both bids were evaluated as per the prescribed procedure and found to be technically qualified. Thereafter, the technically qualified financial bids were opened in the presence of representatives of the bidders.
In the current fiscal year, the government has so far raised Rs 2,266 crore through the sale of 8.08 per cent stake in Central Bank of India via offer for sale.
The FY27 Budget has estimated mop-up of Rs 80,000 crore through disinvestment and asset monetisation, more than double of Rs 33,837 crore given in the revised estimates for FY26.
The government had received two financial bids for buying 100 per cent stake, along with management control, in IMPCL, and among them, M/s. Skymap Pharmaceuticals Pvt Ltd has emerged as the highest bidder at Rs 121,00,94,400, which was also above the reserve price, the ministry said in a statement.
Also read: Fredun Pharmaceuticals board approves 2:1 bonus issue
Under the Ministry of Ayush, IMPCL is engaged in manufacturing and supplying standardised Ayurvedic and Unani Medicines. The Cabinet Committee on Economic Affairs (CCEA) had granted "in-principle" approval in November 2017 for the strategic disinvestment of the entire equity shareholding of IMPCL to a strategic buyer to be identified through a two-stage bidding process.
The strategic sale of IMPCL to Skymap Pharmaceuticals was approved by Alternative Mechanism, which is a Group of Ministers empowered by the CCEA and comprises of Minister for Road Transport and Highways, Finance Minister and Minister of State (Independent Charge) for Ministry of Ayush, the ministry added.
The transaction was implemented through a two-stage open, competitive bidding process supported by a multi-layered consultative decision-making mechanism involving an inter-ministerial group, a core group of secretaries on disinvestment, and the empowered alternative mechanism, it added.
"The Letter of Award has been issued to the successful bidder. Secretary, DIPAM and Secretary, AYUSH have been authorised to complete and close the transaction as early as possible," the ministry added.
The government had on September 1, 2023, issued Preliminary Information Memorandum (PIM) inviting Expression of Interest (EoI) from prospective bidders for sale of IMPCL. Seven interested parties expressed interest, all of which were shortlisted as qualified bidders.
Post-shortlisting, qualified interested bidders conducted due diligence and the security clearance was obtained from the MHA.
Also read: Drugs at your door: Signs of a disruption taking shape in India
The Request for Proposal (RFP), along with Share Purchase Agreement (SPA), containing terms and conditions were issued on December 1, 2025 inviting technical and financial bids. Two sealed financial bids were received from QIBs by January 20, 2026.
Both bids were evaluated as per the prescribed procedure and found to be technically qualified. Thereafter, the technically qualified financial bids were opened in the presence of representatives of the bidders.
In the current fiscal year, the government has so far raised Rs 2,266 crore through the sale of 8.08 per cent stake in Central Bank of India via offer for sale.
The FY27 Budget has estimated mop-up of Rs 80,000 crore through disinvestment and asset monetisation, more than double of Rs 33,837 crore given in the revised estimates for FY26.
