NEW DELHI: Swiss drug firm Novartis said it will sell its entire stake of nearly 71% in its listed Indian subsidiary for about Rs 1,446 crore to private equity investors, led by PE firm ChrysCapital.
The exit comes two years after Novartis began a strategic review of Novartis India, including assessing its stake in the Mumbai-based firm
Reacting to the news, Novartis India closed 20% up at Rs 996.50 on BSE on Friday.
Novartis AG said in a regulatory filing it has notified the Novartis India board that it has entered into an agreement with ChrysCapital to transfer its 70.68% shareholding in the entity. This divestment follows a strategic review announced and conducted by Novartis AG starting February 2024.
The closing of the transaction is subject to the satisfaction of certain conditions precedent and is expected to close in Q3 2026.
Upon completion of this transfer of shares, Novartis will complete its transformation into a pure-play innovative medicines company and continues to adapt its footprint for efficient sustainable long-term growth aligned with its global strategy, a company statement said.
The company employee strength as at March 31, 2025, was 56.
