Novartis to sell its 70.68% stake in Novartis India to a consortium of buyers for ₹1,446 crore

Core Viewpoint - Novartis AG is selling a majority stake in its Indian unit, Novartis India Ltd., as part of a strategic review initiated two years ago, with the sale valued at ₹1,446 crore ($159 million) [1] Group 1: Transaction Details - Novartis will sell its 70.68% stake in Novartis India Ltd. to a consortium consisting of WaveRise Investments, ChrysCapital Fund X, and Two Infinity Partners [1] - The buyers have initiated an open offer to acquire up to 26% of Novartis India at ₹860.84 per share, which values the offer at approximately ₹552 crore [2] Group 2: Strategic Review Context - In February 2024, Novartis announced a review of its India-listed unit, which markets prescription drugs, generic, and over-the-counter medicines, excluding its wholly-owned unit Novartis Healthcare Pvt. [3] - Novartis India had previously entered distribution agreements with local partners, including Dr. Reddy's Laboratories Ltd., to market various brands in the Indian market [4]