Novartis to Exit Indian Unit With $159 Million Stake Sale
(Bloomberg) — Novartis AG has agreed to sell a majority stake in its listed Indian unit, marking the culmination of a strategic review announced two years ago.
The Swiss drugmaker will sell its 70.68% stake in Novartis India Ltd. to a consortium of WaveRise Investments, ChrysCapital Fund X and Two Infinity Partners for 14.46 billion rupees ($159 million), according to a statement to the exchanges.
The buyers have also launched an open offer to acquire up to 26% of Novartis India at 860.84 rupees a share, valuing the offer at about 5.52 billion rupees.
The company’s shares jumped as much as 19.3% to 996.50 rupees in Mumbai trading, rising above the open offer price.
In February 2024, Novartis announced a review of its India-listed unit, which markets prescription drugs, generic and over-the-counter medicines. The company clarified that the process would not cover its wholly-owned unit Novartis Healthcare Pvt., which houses the corporate center in Hyderabad, manages commercial operations, and oversees research and development teams conducting clinical trials at more than 300 sites nationwide.
Before the 2024 strategic review, Novartis India had already entered distribution pacts with domestic partners, including an agreement with Dr. Reddy’s Laboratories Ltd. to market brands such as Voveran, Calcium ranges and Methergine in the local market.
–With assistance from Amber Tong and Satviki Sanjay.
(Updates with share price move in the fourth paragraph.)
©2026 Bloomberg L.P.
