Finance
Novartis to exit India unit in $159 million deal; Mumbai-listed shares surge 20%
Published by Global Banking & Finance Review®
Posted on February 20, 2026
1 min readLast updated: February 20, 2026
Tags:private equity
Quick Summary
Novartis will sell its entire 70.68% stake in Novartis India to a consortium of WaveRise Investments, ChrysCapital and Two Infinity Partners. The change-of-control deal awaits customary approvals.
Feb 20 (Reuters) - Swiss drugmaker Novartis will sell its entire 70.68% stake in its listed Indian unit to a private equity-led consortium for about $159 million, as part of a broader global restructuring.
The consortium, comprising WaveRise Investments, ChrysCapital Fund X and Two Infinity Partners, will buy the stake in Novartis India through a share purchase agreement.
The group has also made a mandatory open offer to buy an additional 26% of the company at 860.64 rupees per share, a 3.6% premium to its closing price on Thursday.
Shares of Novartis India surged nearly 20% to 996.5 rupees on Friday.
The exit comes two years after Novartis began a strategic review of Novartis India, including assessing its stake in the Mumbai-based firm.
In April 2025, Novartis announced plans to spend $23 billion to build and expand in the U.S., as it faced renewed threats of drug import duties on pharmaceuticals under the Trump administration.
The Swiss company does not have a manufacturing presence in India. Novartis India primarily sells medicines, including Voveran, used to treat joint pain.
($1 = 91.0290 Indian rupees)
(Reporting by Nandan Mandayam in Bengaluru; Editing by Sonia Cheema)
Key Takeaways
- •Novartis AG will sell its entire 70.68% stake in Novartis India Limited.
- •A consortium of WaveRise Investments, ChrysCapital and Two Infinity Partners is the buyer.
- •The deal signals a change of control at the listed Indian unit.
- •Closing is expected post customary regulatory and corporate approvals.
- •Specific financial terms were not disclosed in the article.
Frequently Asked Questions about Novartis to exit India unit in $159 million deal; Mumbai-listed shares surge 20%
1What is the main topic?
Novartis AG announced plans to sell its entire 70.68% stake in Novartis India Limited to a consortium of WaveRise Investments, ChrysCapital and Two Infinity Partners.
2Who are the buyers in this transaction?
The stake is being acquired by a consortium comprising WaveRise Investments, ChrysCapital and Two Infinity Partners.
3What does the sale mean for shareholders?
It represents a change of control at Novartis India. Completion will depend on regulatory and corporate approvals, after which further transaction details and next steps may be communicated.
