Private equity firm ChrysCapital has completed its acquisition of a controlling stake in Novartis India Ltd, concluding a transaction valued at approximately ₹1,446 crore and marking one of the most significant private equity investments in India’s branded pharmaceutical industry.
The transaction involved the purchase of Novartis AG’s 70.68% stake in the Mumbai-based pharmaceutical company through a consortium comprising WaveRise Investments, ChrysCapital Fund X and Two Infinity Partners. The deal, valued at about $159 million, was announced earlier this year and completed after the fulfilment of regulatory requirements.
Following the completion of the acquisition, Novartis India announced the appointment of Dr. Vikas Gupta as managing director and chief executive officer. Ramesh Ramadurai, Suchita Sharma and Shashank Sinha have also joined the board as independent directors, with Ramadurai assuming the role of chairman.
The acquisition marks ChrysCapital’s first majority-controlled investment in the pharmaceutical sector and reflects the firm’s strategy of building a leading branded generics platform focused on the Indian market. The company is also expected to adopt a new corporate identity as part of its transition from the Novartis group.
Novartis India has maintained a strong presence in the domestic pharmaceutical market for decades, with products spanning therapeutic areas such as pain management, calcium supplementation, gynaecology, neurosciences and transplant medicine. Its well-known brands include Voveran, Calcium Sandoz and Tegrital.
ChrysCapital, founded in 1999, is among India’s largest private equity firms, having raised approximately $8.5 billion across multiple investment funds. The company has invested in businesses across sectors including healthcare, technology, financial services, manufacturing and consumer goods.
The transaction reflects increasing investor interest in India’s pharmaceutical industry, which continues to benefit from higher healthcare spending, expanding access to treatment and growing demand for branded medicines.