M/s. Skymap Pharmaceuticals Private Ltd. is approved as Strategic Buyer for disinvestment of Indian Medicines Pharmaceutical Corporation Limited (IMPCL), a CPSE under the administrative control of M/o AYUSH

**Executive Summary** The Ministry of Finance has approved M/s. Skymap Pharmaceuticals Private Ltd. as the strategic buyer for the 100% disinvestment of Indian Medicines Pharmaceutical Corporation Limited (IMPCL). The transaction, finalized for Rs. 121,00,94,400, includes the transfer of management control following a two-stage competitive bidding process. The Letter of Award has been issued, and authorized officials are now tasked with closing the transaction as early as possible. **Key Points / Main Content** **Transaction Overview** * **Strategic Buyer:** M/s. Skymap Pharmaceuticals Private Ltd. emerged as the highest bidder. * **Bid Amount:** Rs. 121,00,94,400 (One Hundred Twenty-One Crores Ninety-Four Thousand Four Hundred only), which exceeded the government's reserve price. * **Scope of Sale:** 100% equity shareholding of IMPCL and the total transfer of management control. **Company Profile** * **Entity:** Indian Medicines Pharmaceutical Corporation Limited (IMPCL) is a Central Public Sector Enterprise (CPSE) under the Ministry of AYUSH. * **Core Function:** Incorporated in 1978 to manufacture and supply standardized Ayurvedic and Unani medicines. **Bidding and Approval Process** * **Mechanism:** The disinvestment was overseen by the "Alternative Mechanism," a Group of Ministers empowered by the Cabinet Committee on Economic Affairs (CCEA). * **Advisory Support:** The process was supported by professional Transaction Advisers, Legal Advisers, and Asset Valuers. * **Timeline of Events:** * **November 2017:** ‘In-principle’ approval granted by CCEA. * **September 1, 2023:** Expression of Interest (EoI) invited; seven parties were shortlisted. * **December 1, 2025:** Request for Proposal (RFP) and Share Purchase Agreement (SPA) issued. * **January 20, 2026:** Financial bids received and subsequently evaluated for technical qualification. * **May 26, 2026:** Bid approval officially posted. **Governance and Compliance** * **Due Diligence:** Qualified bidders conducted due diligence, and mandatory security clearance was obtained from the Ministry of Home Affairs (MHA). * **Consultative Framework:** The process involved the Inter-Ministerial Group and the Core Group of Secretaries on Disinvestment. **Impact Analysis** **Stakeholder: M/s. Skymap Pharmaceuticals Private Ltd.** **Impact** The company has been approved as the strategic buyer, granting them full ownership (100% equity) and management control of IMPCL. **Action Required** The buyer must coordinate with government secretaries to finalize the Share Purchase Agreement and complete the transaction closure. **Stakeholder: Indian Medicines Pharmaceutical Corporation Limited (IMPCL)** **Impact** The entity will transition from a CPSE under the Ministry of AYUSH to a privately managed organization. **Action Required** The organization must prepare for the transfer of management control and the completion of the disinvestment process. **Stakeholder: Ministry of AYUSH and DIPAM** **Impact** These bodies are responsible for the successful execution of the strategic disinvestment of a CPSE under their administrative or procedural control. **Action Required** The Secretary of DIPAM and the Secretary of AYUSH are authorized to complete and close the transaction as early as possible.

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