Novartis India Ltd will soon have a new name, as it gets recast with a new management team and builds on the legacy brands that remain in its basket. This follows private equity firm ChrysCapital’s acquisition of the entire 70.68 per cent stake in Novartis India Ltd (NIL), previously held by the parent company, Swiss drugmaker Novartis AG.
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 this year, the transaction amount was pegged 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. The transaction brings a long-standing pharmaceutical business under “dedicated private equity ownership”, with the ambition to build a 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 including Voveran, Calcium Sandoz and Tegrital, to name a few. About 40 employees will move into this company, an industry-insider said, adding that operations will be built up from scratch, even as it continues to rely on existing relationships for contract manufacturing. The company turnover for March 2026 stood at ₹354 crore.
NIL has appointed seasoned industry hand Dr Vikas Gupta as Chief Executive and Managing Director. Ramesh Ramadurai, Suchita Sharma and Shashank Sinha have joined as Independent Directors on NIL board, it said, as the top management gets recast. Dr Vikas Gupta, Chief Executive Officer and Managing Director, NIL, said in a statement, “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 organisation has always stood for.” Kshitij Sheth, Managing Director, ChrysCapital Advisors, added, NIL’s legacy brands and market standing combined with ChrysCapital laid the foundation “for long-term value creation”.
Novartis will continue to be present in India through Novartis Healthcare Private Limited (NHPL), a wholly owned subsidiary through which the company has been bringing its high value innovative products into India. Following the transaction, NHPL had said in an earlier statement that it will now be a “pure-play innovative medicines company,” aligned with its global strategy – focused on its cardio-renal-metabolic and oncology products, for example. The transfer of Novartis AG shareholding in NIL will not impact NHPL, it had then said.
Kotak acted as the exclusive financial advisor to Novartis AG. Freshfields, AZB & Partners advised Novartis AG as legal counsels and Ernst & Young advised Novartis AG on the financial and tax diligence. Shardul Amarchand Mangaldas & Co acted as the 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
