Private equity firm ChrysCapital has completed the acquisition of a controlling 70.68 per cent stake in Novartis India Ltd (NIL) from Swiss pharmaceutical major Novartis AG, marking its first majority-controlled investment in the Indian pharmaceutical sector
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Private equity firm ChrysCapital has acquired a controlling 70.68 per cent stake in Novartis India Limited (NIL), previously held by the parent company, Swiss drugmaker Novartis AG, it said.NIL had been put on the block after the parent company said in 2024 that its India-listed entity was under review. In an announcement in February, the company had pegged the transaction amount at ₹1,446 crore.The acquisition marks ChrysCapital’s first majority-controlled investment in the Indian pharmaceutical sector, the PE said. NIL will adopt a new name and corporate identity to mark its separation from its previous owners, it added.PE firm eyes growth in India’s branded generics marketThe transaction brings a longstanding pharmaceutical business under “dedicated private equity ownership”, with the ambition to build a leading branded-generics platform for the Indian market, the PE firm said. NIL operates across therapeutic areas, including pain management, calcium supplementation, gynaecology, neurosciences, and transplant immunology, with brands such as Voveran, Calcium Sandoz, and Tegrital.New leadership team appointed to drive next phase of growthNIL has appointed Dr Vikas Gupta as Chief Executive and Managing Director; Ramesh Ramadurai, Suchita Sharma, and Shashank Sinha have joined the NIL board as Independent Directors.“Combined with NIL’s legacy brands and market standing, ChrysCapital believes the foundation for long-term value creation is firmly in place,” Kshitij Sheth, Managing Director, ChrysCapital Advisors, said in a statement. Dr Vikas Gupta, Chief Executive Officer and Managing Director, NIL, added, “We carry forward decades of scientific rigour and physician trust - from that strong foundation and with ChrysCapital’s backing we have the resources and focus to grow our portfolio with purpose, reach more patients, and build on what this organization has always stood for.”Advisors to the transactionKotak acted as the exclusive financial advisor to Novartis AG. Freshfields, AZB & Partners advised Novartis AG as legal counsel, and Ernst & Young provided financial and tax diligence. Shardul Amarchand Mangaldas & Co acted as legal counsel, and Alvarez & Marsal, Dhruva Advisors, and Price Waterhouse & Co. were the financial and tax advisors for ChrysCapital, the note said.Published on July 30, 2026
