Skymap Pharma to buy state-run Indian Medicines Pharma for Rs 121 crore

New Delhi: An inter-ministerial panel has approved the strategic sale of state-run Indian Medicines Pharmaceutical Corporation (IMPCL) to Skymap Pharmaceuticals for ₹121 crore.

The alternative mechanism-comprising road transport and highways minister Nitin Gadkari, finance minister Nirmala Sitharaman and Ayush minister Prataprao Ganpatrao Jadhav, who heads the administrative ministry of the state-run entity-cleared the highest bid placed by Skymap for a 100% equity in IMPCL along with management control, the finance ministry said in a statement on Tuesday. "The letter of award has been issued to the successful bidder. Secretary, DIPAM (Department of Investment and Public Asset Management) and secretary, AYUSH, have been authorised to complete and close the transaction as early as possible," the ministry said.

This is the first strategic sale of a state-run company since that of Ferro Scrap Nigam, a subsidiary of MSTC, to Japan's Konoike Transport for ₹320 crore in FY25.