ChrysCapital - Corporate Updates

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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Private equity firm ChrysCapital has acquired a minority stake in Nash Industries, a Bengaluru-based design and manufacturing solutions company, marking a significant investment in India’s fast-evolving manufacturing sector. While the financial details of the transaction were not officially disclosed, sources indicate the deal values Nash Industries at around ₹6,000 crore, with ChrysCapital picking up an estimated stake of about 30 per cent.

Founded more than five decades ago, Nash Industries has transformed from a sheet-metal components maker into a full-stack, design-led manufacturing platform. The company offers integrated mechanical, electrical, and electronics manufacturing services, including end-to-end “box-build” solutions. It caters to a wide range of industries such as data centres, banking hardware, clean energy, automotive, and industrial equipment.

Nash currently operates around 15 manufacturing facilities across South and West India and serves both domestic and international clients. Over the years, the company has focused on higher-value engineering and design capabilities, enabling it to move up the manufacturing value chain and become a preferred partner for global customers.

ChrysCapital’s investment comes at a time when Indian manufacturing is gaining momentum due to shifting global supply chains, increasing focus on China-plus-one strategies, and strong policy support through initiatives such as “Make in India.” The partnership is expected to help Nash accelerate capacity expansion, invest in advanced technologies, and strengthen its presence in export markets.

Commenting on the development, Nash Industries Chairman Sanjay Wadhwa said the investment validates the company’s long-term strategy and will support its next phase of growth. He added that the partnership would enhance Nash’s ability to deliver innovative, high-quality solutions to customers across sectors.

From ChrysCapital’s perspective, the firm sees Nash as well-positioned to benefit from growth in emerging areas such as data centres, artificial intelligence-led infrastructure, and energy transition-related manufacturing. The private equity firm has a strong track record of backing Indian companies in sectors with long-term structural tailwinds.

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