ChrysCapital, one of the biggest private equity firms investing in India, acquired a controlling 70.68% stake in Novartis India Limited (NIL). The transaction marks a defining moment for ChrysCapital and for the Indian pharmaceutical sector bringing one of India’s longstanding pharmaceutical businesses under dedicated private equity ownership, with the ambition to build a leading branded-generics platform for the Indian market.
NIL has a legacy spanning several decades and a portfolio of brands that are trusted both by healthcare professionals and patients. NIL operates across key therapeutic areas including pain management, calcium supplementation, gynecology, neurosciences, and transplant immunology through brands such as Voveran, Calcium Sandoz, Tegrital etc. Built on a strong foundation of scientific excellence, physician trust, and nationwide reach, NIL has played a meaningful role in improving healthcare outcomes for millions of patients across the country.
The acquisition marks ChrysCapital’s first majority-controlled investment in the Indian pharmaceutical sector and reflects the firm’s strong conviction in the long-term growth potential of India’s branded pharmaceuticals market. Building on a proven healthcare investment track record, ChrysCapital aims to leverage its sector expertise and extensive network to support the next phase of growth for NIL and strengthen its position as a leading pharmaceutical business. NIL will adopt a new name and corporate identity to celebrate the company’s separation from its previous owners and the beginning of a new era.
To support the company’s next phase of growth, NIL has appointed Dr. Vikas Gupta as the CEO and Managing Director. Further, Ramesh Ramadurai, Suchita Sharma and Shashank Sinha have joined as Independent Directors on the Board of NIL.
“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.
Dr. Vikas Gupta, Chief Executive Officer and Managing Director, NIL, said: “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.”
For this transaction, 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.