New Delhi, May 26 -- The government on Tuesday approved the sale of Indian Medicines Pharmaceutical Corporation Ltd (IMPCL), a central public sector enterprise under the ministry of Ayush.

Delhi-based Skymap Pharmaceuticals Private Ltd emerged as the highest bidder with an offer of Rs.121 crore for acquiring 100% equity along with management control, according to a statement issued by the ministry of finance.

The approval was cleared by a group of ministers comprising the Union finance minister, road transport and highways minister and the minister of state (independent charge) for Ayush.

IMPCL, incorporated in 1978, was set up to manufacture and supply standardised Ayurvedic and Unani medicines.

The move assumes significance in the b...