MUMBAI | 30 July 2026: Private equity firm ChrysCapital acquired a controlling 70.68% stake in Novartis India (NIL) from Swiss pharmaceutical major Novartis AG in a transaction valued at approximately ₹1,446 crore. The acquiring consortium comprises WaveRise Investments Limited, ChrysCapital Fund X, and Two Infinity Partners. The deal marks ChrysCapital’s first majority investment in an Indian pharmaceutical company and represents a significant ownership transition for the listed domestic pharmaceutical business.

The transaction, announced by the company on Wednesday, transfers control of the BSE-listed drugmaker from Swiss pharmaceutical major Novartis AG to ChrysCapital – signifying a trend where multinational companies are reshaping their portfolios while private equity firms increasingly invest in established branded pharmaceutical businesses with strong domestic market positions.

ChrysCapital indicated that the acquisition reflects its confidence in the long-term growth potential of India’s branded pharmaceutical market. Leveraging its extensive healthcare investment experience, the firm aims to support the company’s next phase of growth and strengthen its market position. Subject to regulatory and corporate approvals, the company is also expected to adopt a new corporate identity following its separation from Novartis AG.

KEY HIGHLIGHTS

  • Ownership Transfer: ChrysCapital-led consortium acquired a 70.68% controlling stake from Novartis AG.
  • Deal Value: Transaction valued at approximately ₹1,446 crore.
  • New Promoter Group: WaveRise Investments, ChrysCapital Fund X and Two Infinity Partners become the new promoters.
  • Leadership Transition: Dr Vikas Gupta appointed MD & CEO; Ramesh Ramadurai appointed Chairman.

Founded in 1999, ChrysCapital is one of India’s largest private equity firms, having raised more than US$5 billion across multiple funds. Its latest investment vehicle, ChrysCapital Fund X, is a US$2.2 billion fund focused on growth opportunities across high-potential sectors. The firm has invested extensively across healthcare, financial services, technology and manufacturing, with notable investments including Mankind Pharma, Intas Pharmaceuticals, Eris Lifesciences and Corona Remedies.

Novartis has been present in the country for several decades and markets a portfolio of branded pharmaceutical products across therapeutic segments including pain management, calcium supplementation, gynaecology, neurosciences and transplant immunology. Its portfolio includes household legacy brands such as Voveran® (pain management), Calcium Sandoz® (calcium supplementation), and Tegrital® (epilepsy management). Since Novartis AG has been increasingly focusing on its global strategy on innovative medicines and specialty therapeutics, this created an opportunity for a dedicated investor to unlock the value of the domestic branded business. Prior to the acquisition, Novartis India operated as the BSE-listed, domestic-facing arm of Novartis AG, completely independent of Novartis Healthcare (P) Limited, which continues to house Novartis’ innovation, clinical trial and R&D teams, and commercial and Global Capability Centre (GCC) operations across India.

Industry Insights

  1. Private Equity is Becoming a Strategic Force in Indian Pharma: Private equity investors are increasingly moving beyond minority growth investments to acquire controlling stakes in established pharmaceutical businesses, enabling faster operational transformation and long-term value creation.
  2. Portfolio Convergence: Global pharmaceutical companies continue to sharpen their focus on pharmaceutical innovation, digital health, AI, and GCCs, further strengthening India’s position across the global healthcare value chain.
  3. India’s Healthcare Ecosystem Continues to Mature: India offers a unique combination of domestic market scale, scientific talent, manufacturing capabilities and digital healthcare expertise, making it an attractive destination for long-term pharmaceutical investments.
  4. Established Brands Continue to Attract Strategic Capital: Companies with trusted physician brands, extensive distribution networks and regulatory approvals remain attractive acquisition targets because they provide immediate market access and expansion opportunities.

LEADERSHIP TRANSITION AND BUSINESS CONTINUITY

Following the completion of the acquisition, Novartis India has initiated a structured leadership transition while ensuring continuity across its business operations and product portfolio.

New Leadership Appointments: To spearhead NIL’s next phase of expansion, the board appointed former Alkem executive Dr Vikas Gupta as Managing Director and Chief Executive Officer, bringing significant experience in the Indian pharmaceutical industry to the newly independent company. The board also inducted and Suchita Sharma and Shashank Sinha as Independent Directors, and Ramesh Ramadurai as Chairperson & Additional Independent Director to lead the company’s next phase of growth under ChrysCapital’s ownership.

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A strong management team is central to any successful organization, and NIL is fortunate to have Dr. Vikas Gupta at the helm – someone who brings both the experience and the vision this business needs. 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

The Swiss Entity’s Continued Presence: Novartis AG continues to maintain a significant presence in India through Novartis Healthcare (P) Limited (NHPL), which houses its commercial operations, the Novartis Corporate Centre in Hyderabad, Global Capability Centre (GCC), and research and development activities. The acquisition of Novartis India Limited does not impact these operations.

“

NIL has earned its place in Indian healthcare over many decades. Today we begin a new and exciting chapter in NIL’s history. 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.

– Dr Vikas Gupta, MD & CEO, NIL

STRATEGIC OUTLOOK

The acquisition ranks among the largest recent private equity investments in a listed Indian pharmaceutical company and reflects growing investor confidence in India’s branded pharmaceutical sector. The acquisition of Novartis India marks an important transition in the Indian pharmaceutical sector, illustrating how established healthcare businesses are attracting long-term investment from private equity firms seeking to build scalable healthcare platforms.

For India’s healthcare ecosystem, the transaction reinforces a fundamental trend – ownership models are evolving alongside innovation. While multinational pharmaceutical companies continue to focus on research-driven global portfolios, domestic businesses backed by strategic investors are increasingly positioned to expand branded portfolios, strengthen market reach and accelerate operational transformation.

As investment activity across pharmaceuticals, healthcare technology and life sciences continues to rise, India is expected to remain a preferred destination for capital deployment, healthcare innovation and enterprise growth.

As global healthcare companies continue to optimize portfolios and investors seek scalable healthcare platforms, India is expected to remain one of the world’s most attractive destinations for pharmaceutical investment, innovation and long-term value creation.

Curated by SSF Global

Tracking the shifts shaping GCCs, enterprise ecosystems, and the future of global business.

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SSF Global is a Global Community for Enterprise Function Leaders and serves as a research & advisory platform focused on Global Business Services (GBS), Global Capability Centres (GCCs), and the evolution of enterprise innovation in India and beyond. We track, publish, and partner in narratives that shape how capability centres transform into hubs of trust, intelligence, and sustainable growth. We also evaluate, assess and benchmark the GCCs for their performance, maturity and other parameters using our proprietary tools built from the knowledge gained from direct interaction with our members (GCCs & GBS).