Swiss drug maker Novartis AG has agreed to sell its entire 70.68% stake in Novartis India to a consortium led by private equity firm ChrysCapital, along with Waverise Investments and Two Infinity Partners, in a transaction valued at about ₹1,446 crore. The move marks the Swiss company’s complete exit from its listed Indian subsidiary and will result in a change in management control.
The buyers will acquire around 1.74 crore shares at a price of ₹829.80 per share through a share purchase agreement. Following the acquisition, they have announced a mandatory open offer to purchase an additional 26% stake from public shareholders at ₹860.64 per share, in line with market regulations. If the open offer is fully subscribed, the consortium’s total holding could rise to nearly 96.7%.
The deal is part of Novartis’s global strategy to streamline operations and focus on core geographies and high-growth areas. Over the past few years, the company has been reducing its exposure to businesses that are not central to its long-term innovation-driven model. Its Indian arm primarily operates as a marketing and sales platform for pharmaceutical products, with limited manufacturing presence.
After the completion of the transaction and receipt of regulatory approvals, Novartis will cease to be the promoter of the Indian company.
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