Novartis India Sold: ChrysCapital Buys 70% Stake

ChrysCapital has successfully acquired a 70.68% controlling stake in Novartis India Ltd (NIL), a transaction initially announced in February and valued at around ₹1,446 crore. This strategic move represents ChrysCapital's inaugural majority-controlled investment within India's pharmaceutical trading and distribution landscape. As part of this significant transition, NIL is set to adopt a new corporate identity, symbolizing its separation from Swiss multinational Novartis AG and the commencement of a new operational era.

With the backing of ChrysCapital, NIL's newly appointed chief executive, Vikas Gupta, expressed optimism about future growth, resource allocation, and expanded patient reach. The company's board has also seen new independent directors appointed. It is important to note that this acquisition of NIL does not affect the operations of Novartis Healthcare Pvt. Ltd. (NHPL), Novartis's wholly owned subsidiary in India, which continues its commercial, R&D, and clinical trial activities.

ChrysCapital's investment underscores its strong belief in the long-term potential of India's branded pharmaceuticals market. The firm intends to leverage NIL's established brands, market presence, and its own sector expertise to build a leading branded-generics platform. NIL boasts a legacy portfolio across therapeutic areas such as pain management, calcium supplementation, and neurosciences, featuring brands like Voveran and Calcium Sandoz.