Confidential listing · Kangra, Himachal Pradesh · Full sale
The short answer
A running, revenue-generating pharmaceutical manufacturing company at the Sansarpur Terrace Growth Centre, Tehsil Jaswan, district Kangra, Himachal Pradesh is offered for full sale at INR 25 crore against a declared annual turnover of INR 10 crore. Licensed since September 2022 in Form 25 and Form 28, valid to 18 September 2027, across five dosage sections: tablets, capsules, oral liquids, oral dry powder (sachet) and external preparations. Four levels on a plot of about 3,800 sq m, with in-house HPLC, stability chambers and a microbiology suite.
What decides this deal: the site master file was rebuilt to revised Schedule M and made effective 4 February 2026. In a state where only 116 of 655 licensed units had filed for upgrades by April 2026 [4], the scarce asset here is the quality system, not the concrete.
- Asking priceINR 25 Cr
- Annual turnoverINR 10 Cr
- LicensedSept 2022
- Plot area~3,800 sq m
- Sections5 dosage forms
- LicencesForm 25 & 28
How to read the figures on this page. Areas, equipment lists, product lists and validity dates come from the seller’s own site master file (revision 01, effective 4 February 2026) and are reproduced as supplied. Laafon Galaxy has not measured the premises or verified the licence record with the licensing authority. Where a figure does not reconcile within the seller’s own file, this page says so.
What you are actually buying
Licences and regulatory position
Both licences were granted on 19 September 2022 by the Drugs Control Administration, Himachal Pradesh, through the Assistant Drugs Controller cum Drugs Licensing Authority at the Chief Medical Officer’s office complex, Dharamshala, district Kangra [5]:
- Form 25 (Rule 70) — manufacture for sale or distribution of drugs other than those in Schedules C, C(1) and X.
- Form 28 (Rule 76) — manufacture for sale or distribution of drugs specified in Schedules C and C(1), excluding Schedule X.
Both are in force to 18 September 2027. The endorsed general category is tablets, capsules, oral dry powder, oral liquids and external preparations. Three approved competent technical staff are named: two for manufacturing (B.Pharm), one for testing (B.Sc). Domestic supply only — no export registrations, no WHO-GMP.
The file also states the facility can manufacture on loan licence for other companies (Form 25A / 28A held by the contract giver), with quality agreement and audit rights in place. That is a secondary revenue line, not a theoretical one.
Ask for the current GMP certificate before anything else. Annexure-03 lists the GMP certificate as valid only to 03/2025, and no certificate copy is attached — only the two manufacturing licences. Either the annexure was not updated at the February 2026 revision, or the certificate has lapsed. Those possibilities have very different consequences. Resolve it in writing at first contact.
Land, building and production areas
Plot area approximately 3,800 sq m over four levels. Epoxy flooring with coving throughout classified rooms and corridors, pre-coated GMP doors, and an independent air handling unit per process area with terminal HEPA filtration. Powder areas are Grade D, held at negative pressure.
| Level | What it holds |
|---|---|
| Basement | Raw material and packing material warehouse, sampling and dispensing booths, segregated liquid RM storage, receiving bay with conveyor |
| Ground floor | All five manufacturing and packing sections, QA and IPQC, finished goods store, dispatch bay with conveyor. Dedicated secondary change rooms and personnel air locks per section |
| First floor | QC laboratory — chemical, instrumental and microbiological testing; stability chambers, retained sample room, control sample area, IT room |
| Second floor | RO and purified water generation plant with storage tanks; HVAC outdoor units, compressors, generator and scrubber pumps |
Ground floor section areas
Manufacturing and packing on the ground floor total approximately 748.43 sq m, divided as follows.
| Sub-section | Area (sq m) |
|---|---|
| Manufacturing — tablets and capsules | 269.42 |
| Packing — tablets and capsules | 131.67 |
| Capsule filling | 16.64 |
| Manufacturing · filling · packaging — oral liquid | 21.21 · 32.98 · 22.08 |
| Batch mfg · filling · packaging — external preparations | 29.62 · 16.53 · 26.48 |
| Sachet filling | 11.27 |
| Finished product store | 170.54 |
Scroll the tables sideways on a phone.
Compare these against the published Schedule M area benchmarks on our Schedule M plant area requirements guide before you assume the sections support your intended batch sizes.
Installed equipment, as declared
- Oral solids (20 items): rapid mixer granulator, fluid bed dryer, mass mixer, multi-mill, sifters, octagonal and cone blenders, two rotary tablet presses (‘B’ and ‘D’ tooling), de-duster, tablet inspection belt, metal detector, tray drier, coating pan, semi-automatic capsule filling machine, capsule inspection machine.
- Packing: blister, alu-alu and strip packing machines.
- Oral liquids (14 items): sugar melting tank, manufacturing and storage tanks, transfer pump, bag filter, bottle washing machine, filling and sealing machines, inspection belt, measuring-cap machine, labelling machine, turntables and packing conveyor.
- External preparations (4 items): water phase vessel, wax melting vessel, manufacturing vessel, storage vessel.
The capsule line does not reconcile within the seller’s own file. The body of the site master file describes an “automatic capsule filling machine”; Annexure-10, the controlled equipment list, records a semi-automatic one. The two differ by roughly an order of magnitude in output. Ask for the make, model, serial number and rated output of the machine physically installed, matched against the equipment ID on the qualification records — not against a brochure.
No shift-wise capacity figures appear anywhere in the file. Do not accept a verbal capacity claim: ask for three months of batch manufacturing records and compute the achieved output per shift yourself.
Purified water system
Borewell water, hypochlorinated, into a 40 KL underground RCC tank; multigrade sand filter, softener and 5 KL soft water tank; antiscalant dosing and 5-micron cartridge; RO pass one at 3 m³/hr into a 3 KL tank; RO pass two at 5.5 m³/hr; electro-deionisation at 2.4 m³/hr; storage in a 4 KL SS316 tank with internal spray ball, distributed on a loop.
Two-pass RO with EDI and looped SS316 distribution is a design that can pass a revised Schedule M inspection. Whether it does depends on the qualification package — ask for DQ, IQ, OQ and PQ plus twelve months of conductivity, TOC and microbial trend data.
Quality control and microbiology
Roughly 24 QC instruments including HPLC, UV spectrophotometer, dissolution and disintegration apparatus, Karl Fischer, polarimeter, refractometer, muffle furnace and vacuum oven, with stability chambers and a retained-sample room on the same floor. A separate microbiology suite carries microscope, autoclave, BOD incubator, colony counter, hot air oven and water bath, on its own AHU set covering a cool zone, three air locks, a sterile passage, two MLT rooms and a culture preparation room.
In-house microbiology and stability at this size is the strongest technical feature of the listing — most units in this price band outsource both. Two named contract laboratories cover work outside scope.
Photographs supplied by the seller. Equipment shown should be reconciled against the controlled equipment list during the site visit.
Why Himachal changes the arithmetic in 2026
The revised Schedule M was notified as G.S.R. 922(E) on 28 December 2023 [1]. Manufacturers under INR 250 crore turnover could apply for an extension to 31 December 2025 under G.S.R. 127(E) of 11 February 2025 [2]. On 7 November 2025 the Drugs Controller General of India told State controllers to treat 1 January 2026 as the effective date, inspect immediately any unit that had not applied, and file monthly reports on action taken [3].
Himachal is where that has bitten hardest. As reported in April 2026, of the state’s 655 drug manufacturing units only 116 had applied for the required upgrades; State Drugs Controller Dr Manish Kapoor confirmed 270 of 360 assigned units inspected since November 2025, around 70 found not operational, and 10 to 12 firms surrendering their licences outright [4].
What that means for a buyer. Compliant licensed capacity in Himachal is contracting, and the units being surrendered are the small ones. A unit whose quality system has already been rebuilt is worth more in Himachal in 2026 than the same building was worth in 2023. That is the case for a premium here — and exactly why you verify the rebuild rather than take it on trust.
The seller’s evidence is specific and checkable: site master file revision 01, effective 4 February 2026, review due 3 February 2028, its revision summary recording “complete document changes as per revised Schedule M, Appendix I”. The file sets out the pharmaceutical quality system, quality risk management, change control, deviation handling, master validation plan, product quality review, self-inspection with a defined audit team, and complaint and recall procedures including mock recall — the governance layer a well-built 2022 shell does not come with. Score it yourself on the revised Schedule M readiness checker.
INR 25 crore against INR 10 crore of turnover
Stated plainly: the ask is 2.5 times revenue. For an Indian formulation unit of this size that is a full price, and this page would be doing you no favours by pretending otherwise. What a buyer is being asked to pay for, beyond land and machinery:
| What justifies a premium | What you must verify before accepting it |
|---|---|
| Revenue already flowing — INR 10 crore per annum, no ramp-up gap | Audited financials for three years, and EBITDA. Revenue is not earnings; a 2.5× revenue multiple can be cheap or ruinous depending on margin |
| Licences valid to September 2027 across five dosage sections | The product permission list endorsed on each licence, not the licence copy alone |
| Schedule M governance rebuilt and documented, February 2026 | The last State FDA inspection report with observations and closure evidence |
| In-house HPLC, stability chambers and microbiology | Instrument calibration and qualification records, and the microbiology suite’s environmental monitoring trend |
| Existing product basket — cardiac, antidiabetic, statin, psychiatric and corticosteroid ranges | Which products are actually being made and sold, at what volume, for whom |
| Loan-licence hosting capability as a secondary revenue line | Current loan-licence contracts, if any, and whether they survive a change of control |
Scroll the table sideways on a phone.
On the alternative: a greenfield build in this belt spends eighteen to thirty months producing nothing, while this unit produces from the month after completion if structured correctly. Current capital bands are in our pharma plant cost guide for 2026, and the plant setup cost calculator gives an indicative number for your own configuration.
What happens to the licences when the company changes hands
The licence attaches to the licensee, not to the building. Both Form 25 and Form 28 carry the same condition [5]: the licensee must inform the Licensing Authority in writing of any change in the constitution of the firm, and on such a change the current licence is deemed valid for a maximum of three months unless a fresh licence has been taken in the changed name.
| Deal structure | Effect on Form 25 / 28 | Practical consequence |
|---|---|---|
| Share purchase | Licensee entity unchanged, licences continue | Fastest route to production and the only one that preserves the INR 10 crore revenue stream uninterrupted. Agree the written intimation and the three-month filing plan before completion. You inherit every historical liability of the entity |
| Asset purchase | Licences do not transfer; fresh licences required | Fresh application, inspection, grant and fresh product permissions. Production stops until grant — which also stops the revenue you are paying 2.5× for. Cleanest on liability, slowest on cash |
| Majority stake or JV | May itself amount to a change in constitution | Get the Licensing Authority’s position in writing before signing, not after |
Scroll the table sideways on a phone.
Because the value here sits in a running business rather than a building, structure matters more on this listing than on a dormant asset. A buyer who pays a revenue multiple and then takes the asset-purchase route has bought the multiple and destroyed the revenue.
Which route into Himachal actually fits you?
Buying is one of four ways to manufacture in this state, and not automatically the right one. Answer both rows.
1. What do you want out of Himachal?
2. What can you commit?
Pick one option in each row
The verdict and the regulatory control point that governs it will appear here.
Routes referenced above: loan licence facilitation on a vetted host facility · third-party contract manufacturing · PCD franchise.
Location
The Sansarpur Terrace Growth Centre sits in Tehsil Jaswan, district Kangra, close to the Punjab border. Distances as declared by the seller: about 10.6 km from Pong Dam, 14.5 km from Daulatpur Chowk railway station and 74.7 km from Una railway station, with Chandigarh and Amritsar the nearest airports and Talwara, in Hoshiarpur district of Punjab, the nearest town.
Two practical consequences. Operators, vendors and packaging suppliers come largely from the Punjab side rather than from within Kangra, so labour continuity after a change of ownership may depend on relationships held by the outgoing promoters. And the Baddi–Barotiwala–Nalagarh cluster, where most Himachal pharma vendor infrastructure sits, is a long road journey away — plan maintenance and spares accordingly rather than assuming Baddi-equivalent service response.
Eight questions to put to this seller
Drawn from the specific contents of this file, not from a template. Our 50-point pharma plant acquisition checklist covers the rest of the programme.
- Produce the current GMP certificate with its validity date, and explain the 03/2025 entry in Annexure-03.
- Confirm the make, model and rated output of the capsule filling machine actually installed, against the semi-automatic unit recorded in Annexure-10.
- Provide the product permission list endorsed on each licence, not the licence copies.
- The file states that no hormone products are made at site, yet the product list includes methylprednisolone and prednisolone, which are corticosteroids. Explain the containment, segregation and cleaning validation position for those products.
- Share audited financials for three years with EBITDA, and the customer concentration behind the INR 10 crore turnover.
- Produce the purified water qualification package and twelve months of conductivity, TOC and microbial trend data.
- Share the last three State FDA inspection reports with observations and closure evidence, given the inspection drive underway since November 2025.
- Identify which approved competent technical staff named on the licences are willing to transfer — their retention is a licensing matter, not only an HR one.
Deal terms and ideal buyer
A full sale of the operating company with land, building, plant and machinery, utility systems, valid licences and documentation. Product dossiers, brand names, existing contracts and key employees are negotiable. Financials, customer information, licence copies and validation documents are released after a mutual NDA and initial screening; site visits follow preliminary discussion on valuation and structure.
The profile that fits: a marketing company integrating backwards and able to fill the lines with its own volume, a North India CDMO adding oral solid and liquid capacity with in-house microbiology, or a group wanting a Schedule-M-current licensed platform in Himachal while compliant capacity in the state is shrinking. A buyer who needs the 2.5× multiple to work on the existing business alone, without bringing volume, should look at the other Sansarpur Terrace unit in the same belt instead.
Register interest in this Kangra company
Send your company name, business model, regulatory focus and intended use of the asset with your first message, so we can screen quickly and share the right level of detail without a wasted round trip. Quote reference Running Pharma Company for Sale, Kangra HP in your subject line.
Darshan Singh · Promoter representative
Email: contact@laafon.com
Phone / WhatsApp: 9812446733
Frequently asked questions
Yes. The seller declares approximately INR 10 crore annual turnover from manufacture and sale of tablets, capsules, oral liquids, oral dry powder and external preparations under the State licences. Confirm current activity from recent batch manufacturing records and audited financials rather than from the declaration alone.
Form 25 under Rule 70, for drugs other than those in Schedules C, C(1) and X, and Form 28 under Rule 76, for drugs in Schedules C and C(1) excluding Schedule X. Both issued 19 September 2022, in force to 18 September 2027. The issuing authority is the Drugs Control Administration, Himachal Pradesh, through the Assistant Drugs Controller cum Drugs Licensing Authority for district Kangra at Dharamshala. Licence numbers and copies are shared after NDA.
The site master file was revised specifically for revised Schedule M, Appendix I, effective 4 February 2026, covering the pharmaceutical quality system, quality risk management, change control, validation, product quality review, self-inspection and recall. That is stronger evidence than most listings in this band offer, but it is a document, not an inspection outcome. Ask for the most recent State FDA inspection report with observations and closure evidence before treating compliance as settled, and note separately that the GMP certificate entry in the file’s own annexure shows a 03/2025 validity that needs explaining.
It is a 2.5 times revenue multiple — a full price for an Indian formulation unit of this size, and one that cannot be assessed on revenue alone. The figure that decides it is EBITDA, which the seller has not published. At a 20 per cent EBITDA margin the unit is valued at roughly 12.5 times earnings; at 8 per cent, roughly 31 times. Obtain three years of audited financials before forming a view, and treat the compliance position and licence continuity as part of the premium rather than the whole justification for it.
Not automatically. The licence attaches to the licensee. Buy the company and the licensee entity is unchanged, so the licences continue subject to written intimation to the Licensing Authority. Buy only the assets and fresh licences must be applied for in your own name, with a fresh inspection and grant before manufacturing may restart. Both licence conditions state that on a change in the constitution of the firm, the current licence is deemed valid for a maximum of three months unless a fresh licence has been taken in the changed name.
No on both counts today. The site master file states the firm is not involved in manufacture or distribution outside India, holds no export registrations, and is “heading towards preparation of WHO GMP” without having obtained it. Budget separately for the WHO-GMP and Certificate of Pharmaceutical Product route, which requires the facility to meet the applicable GMP standard and pass a joint inspection, plus destination-country registrations. In-house microbiology and stability shortens that path relative to a unit that outsources both; it does not remove the cost.
The declared list covers a cardiac and antidiabetic range — telmisartan, olmesartan and amlodipine combinations, glimepiride and metformin combinations, teneligliptin, atorvastatin, extended-release metoprolol; a psychiatric range including duloxetine; corticosteroids including methylprednisolone and prednisolone; and oral liquids such as disodium hydrogen citrate syrup. It is a list of products manufactured or intended to be manufactured, so ask which are in active production and at what volume, and confirm each against the product permissions endorsed on the licences.
Three to six months from signing of definitive agreements is realistic for a share purchase, subject to buyer readiness, diligence and regulatory intimation. An asset purchase extends that materially, because fresh licences must be applied for, inspected and granted before manufacturing may resume — and the existing revenue stops in the interim.
References
- Ministry of Health and Family Welfare, Government of India. Drugs (Amendment) Rules, 2023 — revised Schedule M, Good Manufacturing Practices for pharmaceutical products. Notification G.S.R. 922(E), 28 December 2023; published in the Gazette of India, Extraordinary, Part II, Section 3(i) on 5 January 2024. Accessed September 2026.
- Ministry of Health and Family Welfare, Government of India. Drugs Amendment Rules, 2025. Notification G.S.R. 127(E), 11 February 2025 — small and medium manufacturers with turnover less than INR 250 crore may apply to the Central Licence Approving Authority in Form A, with a plan of upgradation, for extension of the implementation timeline to 31 December 2025. Available from: cdsco.gov.in (PDF). Accessed September 2026. Government primary source.
- Business Standard. Pharma units likely to face action for Schedule M violations: experts. 8 November 2025, updated 10 November 2025. Reporting a Drugs Controller General of India directive dated 7 November 2025 to State and Union Territory drug controllers, setting 1 January 2026 as the effective date and requiring monthly inspection reports. Available from: business-standard.com. Accessed September 2026. Trade press; secondary source.
- The Tribune. Small pharma units in Himachal shut shop as revised Schedule M norms tighten compliance net. 11 April 2026. Reporting 655 drug manufacturing units in the State, 116 applications for upgrades, 270 of 360 assigned units inspected since November 2025, and statements by State Drugs Controller Dr Manish Kapoor. Available from: tribuneindia.com. Accessed September 2026. Trade press; secondary source.
- Drugs and Cosmetics Rules, 1945. Form 25 (see Rule 70) and Form 28 (see Rule 76), including the licence condition on change in the constitution of the firm. Licence particulars in this listing are taken from the seller’s licence copies annexed to the site master file, issued by the Drugs Control Administration, Himachal Pradesh. The State’s online drug licensing system is at dcla.hp.gov.in. Accessed September 2026.
- Site Master File, document revision 01, effective 4 February 2026, review date 3 February 2028, supplied by the seller. Source of all area, equipment, water system, product list and quality system particulars on this page. Not independently verified by Laafon Galaxy Pharmaceuticals. Released to qualified buyers after NDA.
This listing is technical and commercial information for prospective buyers. It is not investment, legal, tax or medical advice, and it is not an offer or invitation to invest. All areas, capacities, licence particulars, validity dates, turnover and financial figures are declared by the seller and have not been independently verified by Laafon Galaxy Pharmaceuticals; verify each against original documents and a physical inspection before committing funds. Indian statutory instruments, including Schedule M and the Drugs and Cosmetics Rules, 1945, are amended frequently and State practice varies. Confirm the current position with the Drugs Control Administration, Himachal Pradesh and with your own regulatory, financial and legal advisers before acting.
