Centre approves ₹121 crore sale of AYUSH medicines company IMPCL to Skymap Pharma

The government has approved the sale of state-run Indian Medicines Pharmaceutical Corporation Limited (IMPCL) to Skymap Pharmaceuticals Private Limited for ₹121 crore as part of its strategic disinvestment programme.

The approval was granted by an Alternative Mechanism comprising Union ministers for Road Transport and Highways, Finance, and AYUSH.

The transaction involves the sale of the Centre’s entire 100% stake in IMPCL along with the transfer of management control.

IMPCL, a Central Public Sector Enterprise under the Ministry of AYUSH, was incorporated in 1978 and manufactures Ayurvedic and Unani medicines.

The Cabinet Committee on Economic Affairs had given in-principle approval for the company’s strategic disinvestment in November 2017.

According to the government, the disinvestment process was carried out through a two-stage competitive bidding mechanism. A preliminary information memorandum inviting expressions of interest was issued in September 2023, following which seven bidders were shortlisted.

The Request for Proposal and Share Purchase Agreement were later issued in December 2025. Two financial bids were eventually received and both qualified after technical evaluation.

Skymap Pharmaceuticals emerged as the highest bidder with an offer above the reserve price, following which the government issued a Letter of Award to the company.

The government said the transaction involved consultations across multiple departments, including the Inter-Ministerial Group, the Core Group of Secretaries on Disinvestment and the empowered Alternative Mechanism.

The Department of Investment and Public Asset Management (DIPAM) and the Ministry of AYUSH have been authorised to complete the transaction.

Skymap Pharmaceuticals is a Roorkee-based pharmaceutical manufacturing company that is looking to expand into the AYUSH sector.

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