ChrysCapital takes control of Novartis India, names Dr Vikas Gupta as MD & CEO

ChrysCapital has completed the acquisition of a 70.68% controlling stake in Novartis India Limited (NIL) for ₹1,376.8 crore, marking its first majority-controlled investment in India's pharmaceutical sector. 

Following the transaction, the private equity firm has appointed Dr Vikas Gupta as Managing Director and Chief Executive Officer, signalling a leadership transition as the company prepares for its next phase of growth.

According to reporting by ScanX, the ownership change was announced on July 29, 2026, alongside the appointment of a new Board, with Ramesh Ramadurai taking over as Chairperson.

Leadership team takes charge after ownership change

The acquisition brings a refreshed leadership structure to Novartis India.

The new appointments include:

• Dr Vikas Gupta as Managing Director and Chief Executive Officer.
• Ramesh Ramadurai as Chairperson and Independent Director.
• Suchita Sharma as Independent Director.
• Shashank Sinha as Independent Director.

ChrysCapital plans to build Novartis India into a leading branded generics platform focused on the Indian market.

Commenting on his appointment, Dr Vikas Gupta said the company has built a strong legacy in Indian healthcare and will now begin a new phase backed by ChrysCapital's resources and strategic focus.

Deal marks ChrysCapital's entry into majority-controlled pharma investments

The acquisition represents ChrysCapital's first majority-controlled investment in the Indian pharmaceutical industry.

The acquiring consortium comprises:

• WaveRise Investments Limited
• ChrysCapital Fund X
• Two Infinity Partners

Following completion of the transaction, the shareholding structure is as follows:

ChrysCapital X, LLC and OceanEdge Investments Limited have been classified as Persons Acting in Concert (PACs) but do not directly hold shares.

Novartis AG exits promoter role

The transaction follows the exit of Novartis AG as the company's promoter.

Novartis AG transferred 1,74,50,680 equity shares through an off-market transaction dated February 19, 2026.

Following the sale:

• Novartis AG no longer holds shares in Novartis India.
• The company has been reclassified from the 'promoter' category to the 'public' category under Regulation 31A(10) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
• The acquisition disclosures were made under Regulation 29 of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

Company prepares for next phase

Novartis India operates across therapeutic segments including:

• Pain management.
• Calcium supplementation.
• Gynaecology.
• Neurosciences.
• Transplant immunology.

Its portfolio includes brands such as Voveran, Calcium Sandoz and Tegrital.

The company also plans to adopt a new corporate identity and name following its separation from Novartis AG.

Kshitij Sheth, Managing Director at ChrysCapital Advisors, said the new management team will play a central role in executing the company's growth strategy.

With a new ownership structure, refreshed leadership team and plans to strengthen its branded generics business, Novartis India is entering a new chapter under ChrysCapital's stewardship.