Skymap Pharma wins bid in Centre-approved IMPCL disinvestment process.

The Centre has approved the strategic disinvestment of Indian Medicines Pharmaceutical Corporation Ltd (IMPCL) to Skymap Pharmaceuticals for over ₹121 crore, the Finance Ministry said recently.

According to the ministry, the government received two financial bids for the sale of its entire 100 per cent stake, along with management control, in IMPCL. Among the bidders, Skymap Pharmaceuticals Pvt Ltd emerged as the highest bidder with an offer of ₹121 crore, exceeding the reserve price set for the transaction.

Under the Ministry of Ayush, Indian Medicines Pharmaceutical Corporation Ltd is engaged in the manufacturing and supply of standardised Ayurvedic and Unani medicines.

The Cabinet Committee on Economic Affairs (CCEA) had granted in-principle approval in November 2017 for the strategic sale of the government’s entire equity holding in IMPCL through a two-stage bidding process aimed at identifying a strategic buyer.