Govt Seals ₹121-Crore Deal: Skymap Pharma to Acquire IMPCL

The Government of India has approved the strategic disinvestment of Indian Medicines Pharmaceutical Corporation Ltd (IMPCL) to Skymap Pharmaceuticals Pvt Ltd for more than ₹121 crore, according to the Finance Ministry.

The ministry stated that the government received two financial bids for the sale of its entire 100 per cent equity stake, along with management control, in IMPCL. Among the bidders, Skymap Pharmaceuticals emerged as the highest bidder with an offer of ₹121 crore, which was above the reserve price fixed for the transaction.

Operating under the Ministry of Ayush, IMPCL is involved in the manufacturing and supply of standardised Ayurvedic and Unani medicines.

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

News by Rahul Yelligetti.