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DIPAM releases IPM and EoI to disinvest entire stake in IMPCL

Our Bureau, New Delhi
Tuesday, September 5, 2023, 16:00 Hrs  [IST]

The Department of Investment & Public Asset Management (DIPAM), under the Union government, has released a Preliminary Information Memorandum (PIM) and Global Invitation of Expression of Interest (EoI) for the proposed strategic disinvestment of 100 per cent equity shareholding of the Government of India and Kumaon Mandal Vikas Nigam Ltd (KMVNL) in the Mini Ratna company Indian Medicines Pharmaceutical Corporation Ltd (IMPCL).

The Government of India holds 98.11 per cent stake in the company, which is under the Ministry of Ayush and manufactures and sells products under Indian Systems of Medicines, while KMVNL has a stake of 1.89 per cent.

The interested bidders should have a minimum net worth of Rs. 120 crore as on March 31, 2022 and it must be reporting profit after tax in any one out of the last three financial years and must be in existence for at least two years as on the EoI submission date.

Established in 1978 with an objective to manufacture and marketing of genuine as well as efficacious Indian System of Medicines to units under 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), Central/State Government Institution(s), IMPCL has registered office and factory is situated at Mohan District Almora, Uttarakhand.

The company is presently manufacturing 656 classical ayurvedic, 332 Unani and 71 proprietary ayurvedic medicines for a varied spectrum of diseases. It supplies Ayurveda and Unani medicines to all the States under National Ayush Mission (NAM) and 6,000 centres of Jan Aushadhi Kendras. As on 31.03.2022, the company has a paid-up share capital of Rs. 51,98,00,000.00. The total campus area of IMPCL is 35.81 acres at Mohan District, Almora as per revised lease deed executed between IMPCL and State Infrastructure and Industrial Development Corporation of Uttarakhand Limited (SIIDCUL) on 27th July, 2023.

The company's profit before tax shot up from Rs. 42.77 lakh in the financial year 2019-2020 to Rs. 45.41 crore in the year 2021-22, with a 100 fold increase, said DIPAM.

"The multi-fold efforts at the end of IMPCL has contributed to the highest ever turnover of Rs. 260.84 for the FY 2021-22. It is an increment of over 59% over the previous FY’s turnover of Rs. 164.02 crore. The current PBT of Rs. 45.41 crore for FY 2021-22 is almost thrice over the previous FY’s profit of Rs. 15.69 crore. Performance has been accomplished by IMPCL despite the continued impact of Covid-19 pandemic in its operations. The company has also made the highest ever dividend payout of 30% of profit after tax for the year ending March 31,2022 and paid Rs. 10.13 crore to its shareholder," it said.

The profit after tax (PAT) of the company stood at Rs. 33.76 crore during 2021-22, as against Rs. 11.05 crore in 2020-21, it added. It has an installed manufacturing capacity of 2 lakh kgs of tablets and pills, 50,000 kgs of capsules, 6 lakh kgs of choorna, 3 lakh litres of syrups, 50,000 litres of arka, 5 lakh litres of asava, 3 lakh litres of taila, 30,00 kgs of marham, 2.50 lakh kgs of avaleha and 50,000 kgs of bhasma.

The capacity utilisation has increased in tablets and pills, capsules, choorna, syrups, asava, taila, and avaleha, while the production has declined in arka, marham and bhasma. Due to heavy demand of pandemic drugs, that is Avaleha, spare or excess capacity in syrups and taila sections have been duly utilised for producing avaleha, it added.

IMPCL’s strength lies in the quality of its products which are manufactured according to the standard formulations of ayurvedic & Unani. IMPCL manufactures a wide range of ayurvedic and Unani medicines mostly from herbal origin. IMPCL is well known for manufacturing traditional dosage forms like asavas and aristas, bhasmas, vatis, oils & avalehas like chavanprash etc. Unani medicines like Araq-e-Ajeeb, Jawarish Jalinoos, Majoon Arad Khurma, etc. are admired for their quality & results. IMPCL is growing at a very fast pace by its aggressive marketing campaign and ensuring the highest quality standard product delivery, said the Department.

IMPCL has been conferred with WHO-GMP/CoPP certification by DCG(I) for 18 ayurvedic products in July, 2021 for the first time in its history of operations which has given the company an opportunity to explore the prospects of export business. IMPCL also has harboured business diversification plans in the area of ayurvedic veterinary medicines.

IMPCL is the only CSPE whose price/rate has been successfully accepted in the Government-e-Market (GeM) portal for procurement purposes and products are available for procurement of medicines.

The price/rate of IMPCL products are fixed by the Government of India. Liberalized pricing policy post  disinvestment combined with already laid down distribution network & payment collection mechanism may enable the company to compete with other market players more efficiently that may lead to increased sales and profitability, it added.

The company has 85 regular employees, 12 contractual employees and one trainee, it said. The facility is located in a 35.81 acre land which is under the jurisdiction of State Infrastructure and Industrial Development Corporation of Uttarakhand Ltd.

DIPAM said that the market size of Ayurveda industry in the country was valued at Rs. 515.50 billion in 2021 and is estimated to reach Rs. 1,536.90 billion by 2027, expanding at a Compound Annual Growth Rate (CAGR) of 18.55 per cent during the 2022-2027 period, it said.

Ayurvedic medicine export shipments from India stood at 31.4K, exported by 428 Indian exporters to 1,060 buyers. India exports most of its ayurvedic medicine to Nepal, Mauritius and Sri Lanka and is the largest exporter of ayurvedic medicine in the World. The top 3 exporters of ayurvedic medicine are in India with 31,410 shipments followed by China with 130 shipments and Malaysia at the 3rd spot with 41 shipments, it added.


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