Skymap Pharmaceuticals Wins Bid for IMPCL in ₹121 Crore Deal
Government okays Skymap Pharmaceuticals' Rs 121-cr bid to buy IMPCL
The Economic Times
Image: The Economic Times
The Indian government has approved the sale of Indian Medicines Pharmaceutical Corporation Ltd (IMPCL) to Skymap Pharmaceuticals Pvt Ltd for ₹121 crore. This strategic sale follows a competitive bidding process and aims to enhance the manufacturing of Ayurvedic and Unani medicines.
- 01Skymap Pharmaceuticals Pvt Ltd submitted the highest bid of ₹121,00,94,400 for a 100% stake in IMPCL.
- 02The strategic sale was approved by the Alternative Mechanism, which includes key ministers from the finance and health sectors.
- 03IMPCL specializes in the production of Ayurvedic and Unani medicines under the Ministry of Ayush.
- 04The bidding process began with a Preliminary Information Memorandum issued on September 1, 2023, attracting seven interested parties.
- 05The government aims to raise ₹80,000 crore through disinvestment and asset monetization in the fiscal year 2027.
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The Indian government has sanctioned the sale of Indian Medicines Pharmaceutical Corporation Ltd (IMPCL) to Skymap Pharmaceuticals Pvt Ltd for ₹121 crore. This decision follows a competitive bidding process where Skymap emerged as the highest bidder, exceeding the reserve price. The Cabinet Committee on Economic Affairs (CCEA) had previously approved the strategic disinvestment of IMPCL, which is involved in manufacturing Ayurvedic and Unani medicines, in November 2017. The sale was facilitated by an Alternative Mechanism consisting of key ministers, ensuring a thorough decision-making process. The bidding process commenced with a Preliminary Information Memorandum issued on September 1, 2023, leading to seven qualified bidders. The government has set a target to raise ₹80,000 crore through disinvestment in the fiscal year 2027, reflecting its ongoing efforts to enhance public sector efficiency and revenue.
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The acquisition by Skymap Pharmaceuticals is expected to enhance the production capacity of Ayurvedic and Unani medicines in India.
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