If the strategic sale of Indian Medicines Pharmaceutical Corporation Ltd (IMPCL), under the Ministry of AYUSH goes through the proceeds, would add to the disinvestment kitty of the government in the current fiscal.
NEW DELHI: The government has invited initial bids for selling its entire stake in Indian Medicines Pharmaceutical Corporation Ltd(IMPCL).
IMPCL is engaged in the manufacture and supply of ‘ayurvedic’ and ‘Unani’ medicines and is under the Ministry of AYUSH.
Indian Medicines Pharmaceutical Corporation Limited (the “IMPCL”/ “Company”) is a Central Public Sector Enterprise (“CPSE”) under the administrative control of Ministry of Ayurveda, Yoga and Naturopathy, Unani, Siddha and Homoeopathy (“AYUSH”), Government of India.
IMPCL was established in 1978 with an objective to manufacture and supply genuine and efficacious Indian Systems of Medicines to Central Government Health Schemes (CGHS), Central Government Research Units (CGRUs), Central Council for Research in Ayurvedic Sciences (CCRAS), Central Council for Research in Unani Medicine (CCRUM), Government Hospitals and certain State Government departments, besides sales in the open market. IMPCL is the only CPSE in the field of manufacturing Ayurvedic and Unani Medicines.
The government holds 98.11 per cent stake in IMPCL and the rest 1.89 per cent is held by Uttarakhand government PSU Kumaon Mandal Vikas Nigam Ltd.
The government has come out with a “global invitation” for Expression of Interest for the proposed strategic disinvestment of its entire stake in IMPCL.
Interested bidders with a minimum net worth of Rs 70 crore as on March 31, 2018, can put in their bids by May 18.
If the strategic sale of IMPCL goes through, the proceeds would add to the disinvestment kitty of the government in the current fiscal.
The government has budgeted to raise Rs 90,000 crore through CPSE stake sale in current fiscal, up from Rs 84,972 crore last fiscal. Of this, the government had raised Rs 15,914 crore through strategic stake sale.
During 2018-19, state-owned NBCC bought government stake in HSCC for Rs 285 crore.
Besides, a consortium of four ports acquired the government’s 73.44 per cent stake in Dredging Corp of India for Rs 1,049 crore, while National Projects Construction Corporation (NPCC) was sold for Rs 80 crore.
An amount of Rs 14,500 crore was raised by way of state-run Power Finance Corp acquiring the government stake in REC.