Mankind Pharma and Baidyanath Among Bidders for Ayurveda Firm IMPCL

6 Nov 2023 , 02:06 PM

Mankind Pharma and Baidyanath Ayurveda, along with other entities, have submitted expressions of interest (EoIs) to acquire 100% of the government-owned Ayurveda company, IMPCL, as per sources familiar with the matter.

Additional bidders reportedly include a private equity fund and an asset reconstruction company. Patanjali Ayurveda, which was initially expected to participate in the bidding process, has denied submitting an EoI when contacted.

Tuhin Kanta Pandey, Secretary of the Department of Investment and Public Asset Management, announced on October 30 that multiple EoIs had been received for the strategic disinvestment of IMPCL, advancing the transaction to the second stage.

In the fiscal year 2022, IMPCL generated Rs 250 crore in top-line revenue and maintained a profit margin of approximately 25%.

The government initiated a global invitation for EoI for the proposed strategic disinvestment of 100% of its equity shareholding in IMPCL in September. IMPCL operates under the administrative control of the Ayush ministry, which encompasses Ayurveda, yoga and naturopathy, unani, siddha, and homoeopathy. Neither Mankind Pharma nor Baidyanath provided comments when contacted.

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