An inter-ministerial panel approved the sale of 100 per cent equity stake along with transfer of management control of IMPCL to Skymap Pharmaceuticals, which emerged as the highest bidder in the government's strategic disinvestment process.

About IMPCL

Under the Ministry of Ayush, IMPCL is engaged in manufacturing and supplying standardised Ayurvedic and Unani Medicines, and operates a manufacturing facility in Almora, Uttarakhand. The corporation manufactures 656 classical Ayurvedic, 332 Unani, and 71 proprietary Ayurvedic medicines for a varied spectrum of diseases. 

The Disinvestment Process

The Union Cabinet had approved the sale of the government's entire stake in IMPCL as far back as 2017. IMPCL is a public sector undertaking incorporated in 1978 under the administrative control of the Ministry of Ayush. 

The Department of Investment and Public Asset Management (DIPAM) issued a Preliminary Information Memorandum inviting Expressions of Interest on September 1, 2023. Seven interested parties expressed interest, all of which were shortlisted as qualified bidders. After completion of due diligence and security clearances from the Ministry of Home Affairs, Request for Proposal documents and Share Purchase Agreement terms were issued to qualified bidders in December 2025.

The government ultimately received two financial bids for buying the 100 per cent stake along with management control. Skymap Pharmaceuticals emerged as the highest bidder at ₹1,21,00,94,400 — a figure that was also above the reserve price set for the transaction.

Controversy Over Valuation

The deal has drawn scrutiny from financial and policy observers. With IMPCL's net worth reported at ₹145 crore, the sale at ₹121 crore — a discount to book value — has prompted questions over whether the government secured fair value for a profit-making public enterprise. The company's profit before tax had grown from ₹42.77 lakh in FY20 to ₹45.41 crore in FY22, suggesting a healthy financial trajectory ahead of the disinvestment. 

About the Buyer

Public corporate information platforms identify Skymap Pharmaceuticals Private Limited as a Delhi-registered pharmaceutical company with CIN U24233DL2006PTC150088, with Sanjay Gupta, Manish Garg, and Vinod Kumar Gupta listed as directors or signatories.

Approval Chain

The strategic sale proposal received approval from the Alternative Mechanism — a ministerial panel empowered by the Cabinet Committee on Economic Affairs (CCEA) — comprising Union ministers responsible for Finance, Road Transport and Highways, and Ayush. The transaction marks one of the few completed disinvestments under the Ministry of Ayush and is being watched closely as a test case for the government's broader privatisation agenda in the traditional medicines sector.