The government has approved strategic sale of Indian Medicines Pharmaceutical Corporation Ltd (IMPCL) to Skymap Pharmaceuticals Pvt Ltd for over ₹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, Skymap Pharmaceuticals Pvt Ltd has emerged as the highest bidder at ₹121,00,94,400, which was also above the reserve price, the ministry said in a statement.
Under the Ministry of 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 was approved by the Alternative Mechanism, a Group of Ministers empowered by the CCEA, comprising the Minister for Road Transport and Highways, the Finance Minister, and the Minister of State (Independent Charge) for the Ministry of Ayush.
The transaction was implemented through a structured two-stage competitive bidding process involving multiple layers of evaluation, including an inter-ministerial group, core group of secretaries on disinvestment, and the empowered alternative mechanism.
“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.
Wider disinvestment push and FY27 target
The government had on September 1, 2023, issued a Preliminary Information Memorandum (PIM) inviting Expression of Interest (EoI) for IMPCL. Seven parties expressed interest, all of which were shortlisted as qualified bidders.
Security clearance was obtained from the Ministry of Home Affairs after due diligence. The Request for Proposal (RFP) and Share Purchase Agreement were issued on December 1, 2025, with two financial bids received by January 20, 2026.
Both bids were technically qualified and opened in the presence of bidder representatives.
In the current fiscal year, the government has 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 Rs 80,000 crore through disinvestment and asset monetisation, compared to Rs 33,837 crore in the revised estimates for FY26.