What is IMPCL, a CPSE Being Acquired by Skymap Pharmaceuticals for ₹121 Crore?

As per PTI news reprot, The Indian government has officially approved the acquisition of Indian Medicines Pharmaceutical Corporation Ltd (IMPCL) by Skymap Pharmaceuticals Pvt Ltd for ₹121 crore.  

This sale marks a significant shift in the ownership and control of IMPCL. 

About IMPCL 

IMPCL, under the Ministry of Ayush, is renowned for manufacturing and supplying Ayurvedic and Unani medicines, contributing to the traditional medicine sector in India. 

Incorporated in 1978, it is headquartered in Almora, Uttarakhand, and is engaged in the manufacturing and marketing of standardized Ayurvedic and Unani medicines. The company produces nearly 1,200 classical and proprietary formulations. 

Background and Approval Process 

The strategic sale process for IMPCL was initiated with the Cabinet Committee on Economic Affairs (CCEA) granting "in-principle" approval for disinvestment in November 2017.  

A two-stage open bidding process was adopted involving various government bodies to ensure transparency. 

Details of the Acquisition 

Skymap Pharmaceuticals emerged as the highest bidder in a competitive bidding process that saw 2 financial bids submitted for 100% management control of IMPCL.  

The ₹121,00,94,400 bid exceeded the reserved price, securing Skymap the acquisition. 

Read More: Marksans Pharma Share Price in Focus; Plans to Acquire QliniQ B.V. for €7.5 Million! 

Finalisation and Next Steps 

Having successfully navigated the evaluation process, the Letter of Award was issued to Skymap Pharmaceuticals. The Secretary of DIPAM alongside other officials are tasked with finalising the transaction swiftly. 

The government has set a benchmark with this sale while aiming to meet its disinvestment targets for the fiscal year. To date, the government has raised ₹2,266 crore through various transactions, continuing its trend toward asset monetisation. 

Conclusion 

The successful acquisition of IMPCL by Skymap Pharmaceuticals Pvt Ltd underscores a significant achievement for the government’s ongoing disinvestment programme. This transaction not only reflects the strategic interest in India's traditional medicine sector but also contributes to the government's wider fiscal objectives. 

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