ChrysCapital completes acquisition of controlling stake in Novartis India Limited; Vikas Gupta appointed MD & CEO

Private equity firm ChrysCapital has completed the acquisition of a controlling 70.68% stake in Novartis India Ltd (NIL), marking its first majority-controlled investment in India's pharmaceutical sector.

The transaction, announced by the company on Wednesday, transfers control of the BSE-listed drugmaker from Swiss pharmaceutical major Novartis AG to ChrysCapital. The companies did not disclose the financial details of the transaction.

As part of the ownership transition, Novartis India has appointed Dr. Vikas Gupta as its Managing Director and Chief Executive Officer. The company also announced the appointment of Ramesh Ramadurai as Chairperson of the board, while Suchita Sharma and Shashank Sinha have joined as independent directors.

The acquisition signals ChrysCapital's entry into the branded pharmaceuticals space through majority ownership. The private equity firm said it intends to build a leading branded generics platform focused on the Indian market by leveraging the company's established portfolio and healthcare presence.

Novartis India has operated in the country for several decades and markets brands including Voveran, Calcium Sandoz and Tegrital across therapeutic areas such as pain management, calcium supplementation, gynaecology, neurosciences and transplant immunology.

"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 organisation has always stood for," said Dr. Vikas Gupta, Managing Director and Chief Executive Officer.

Kshitij Sheth, Managing Director at ChrysCapital Advisors, said the appointment of Gupta provides the company with the leadership required for its next phase of growth. "Combined with NIL's legacy brands and market standing, ChrysCapital believes the foundation for long-term value creation is firmly in place," he said.

The company said it will adopt a new name and corporate identity following its separation from Novartis AG, signalling the start of a new phase under ChrysCapital's ownership.

The acquisition follows the completion of ChrysCapital's purchase of Novartis AG's controlling stake in the listed company. However, the companies did not disclose the value of the deal or provide a timeline for the planned corporate rebranding.