New Delhi: Skymap Pharmaceuticals Private Limited has been approved as the strategic buyer for the disinvestment of Indian Medicines Pharmaceutical Corporation Limited (IMPCL), a Central Public Sector Enterprise (CPSE) under the administrative control of the Ministry of AYUSH.
The approval was granted by the Alternative Mechanism, a Group of Ministers empowered by the Cabinet Committee on Economic Affairs (CCEA), following the completion of a competitive bidding process.
The Alternative Mechanism, comprising the Union Cabinet Minister for Road Transport and Highways, the Union Cabinet Minister for Finance, and the Union Minister of State (Independent Charge) for the Ministry of AYUSH, approved the highest bid submitted by Skymap Pharmaceuticals.
Skymap Pharmaceuticals emerged as the successful bidder with an offer of ₹121,00,94,400 for the acquisition of 100% equity shareholding of IMPCL along with the transfer of management control.
Skymap Pharmaceuticals secured the winning bid through a strategic disinvestment process that was implemented via a two-stage open and competitive bidding mechanism.
The transaction was supported by a multi-layered consultative decision-making framework involving various government bodies.
IMPCL was incorporated on July 12, 1978, with the primary objective of manufacturing and supplying standardized Ayurvedic and Unani medicines.
In November 2017, the Cabinet Committee on Economic Affairs granted in-principle approval for the strategic disinvestment of the government’s entire equity shareholding in IMPCL to a strategic buyer identified through a two-stage bidding process.
As part of the transaction process, professional advisers, including a Transaction Adviser, Legal Adviser, and Asset Valuer, were appointed.
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The Preliminary Information Memorandum (PIM) inviting Expressions of Interest (EoI) from prospective bidders was issued on September 1, 2023.
In response to the invitation, seven interested parties submitted expressions of interest. All seven applicants were subsequently shortlisted as qualified bidders.
Following the shortlisting process, the Qualified Interested Bidders (QIBs) conducted due diligence, while security clearance was obtained from the Ministry of Home Affairs.
The Request for Proposal (RFP), along with the Share Purchase Agreement (SPA) outlining the terms and conditions of the transaction, was issued on December 1, 2025. Qualified bidders were invited to submit both technical and financial bids.
By the submission deadline of January 20, 2026, two sealed financial bids had been received. Both bids were evaluated in accordance with the prescribed procedure and were found to be technically qualified.
Following technical evaluation, the financial bids were opened in the presence of representatives of the participating bidders.
Skymap Pharmaceuticals emerged as the highest bidder with an offer of ₹121,00,94,400, which was also above the reserve price set for the transaction.
The strategic disinvestment process was carried out through a two-stage competitive bidding mechanism and was supported by a structured consultative framework involving the Inter-Ministerial Group, the Core Group of Secretaries on Disinvestment, and the empowered Alternative Mechanism.
Following the approval of the transaction, the Letter of Award has been issued to Skymap Pharmaceuticals as the successful bidder.
The Secretary, Department of Investment and Public Asset Management (DIPAM), and the Secretary, Ministry of AYUSH, have been authorized to complete and close the transaction at the earliest.
