New Delhi: The government on Tuesday approved the sale of Indian Medicines Pharmaceutical Corporation Ltd (IMPCL), a central public sector enterprise under the ministry of Ayush.
Delhi-based Skymap Pharmaceuticals Private Ltd emerged as the highest bidder with an offer of ₹121 crore for acquiring 100% equity along with management control, according to a statement issued by the ministry of finance.
The approval was cleared by a group of ministers comprising the Union finance minister, road transport and highways minister and the minister of state (independent charge) for .
IMPCL, incorporated in 1978, was set up to manufacture and supply standardised Ayurvedic and Unani medicines.
Disinvestment push
The move assumes significance in the backdrop of the government setting a and asset monetisation target of ₹80,000 crore for the current financial (FY27).
The process of selling the government’s stake gained momentum after the Cabinet Committee on Economic Affairs granted in-principle approval for the strategic sale of the company in November 2017.
The transaction was carried out through a two-stage competitive bidding process overseen by multiple inter-ministerial committees and advisory groups.
The government had issued the Preliminary Information Memorandum in September 2023, attracting interest from seven bidders, all of whom were shortlisted as qualified interested bidders, the statement said.
Following due diligence and security clearance from the ministry of home affairs, the government invited technical and financial bids in December 2025. Two financial bids were received by 20 January 2026, and both were found technically qualified. Skymap Pharmaceuticals emerged as the highest bidder with an offer above the reserve price, according to the statement.
The government said that the transaction was implemented through a “multi-layered consultative decision-making mechanism” involving the inter-ministerial group, the core group of secretaries on disinvestment and the empowered alternative mechanism.
The letter of award has already been issued to the successful bidder, while the Department of Investment and Public Asset Management (DIPAM) and the ministry of Ayush have been authorised to complete the transaction at the earliest.
Skymap Pharmaceuticals was incorporated in 2006. The company manufactures pharmaceutical formulations, including injectables, tablets, capsules and other dosage forms, and has a presence in domestic as well as .
According to the company’s official website, Skymap was founded by Sanjay Gupta and operates with a portfolio of more than 500 products. The company has manufacturing facilities and exports products to overseas markets.