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ChrysCapital nears majority stake buy in Novartis India: ReportChrysCapital is set to acquire a majority stake in Novartis India from Novartis AG, marking its first major pharma investment and triggering a mandatory open offer under takeover regulations.By CNBCTV18.com February 20, 2026, 12:36:28 AM IST (Published)2 Min Read

After more than a year of negotiations, homegrown private equity firm ChrysCapital is in final-stage talks to acquire a majority stake in Novartis India from its Swiss parent, Novartis AG,  Moneycontrol reported.

“ChrysCapital has been the sole player in the fray for several months and is now gearing to pick up a controlling stake in Novartis India,” source told the publication.

Novartis AG currently holds a 70.68% stake in its listed Indian arm. As of February 19, Novartis India had a market capitalisation of Rs 2,050.45 crore, valuing the Swiss major’s holding at roughly Rs 1,450 crore at current levels. The company’s shares have declined 11.63% over the past six months.

Another source revealed that if discussions proceed as planned, the parties are expected to sign a binding agreement shortly, followed by a formal announcement. The transaction would also trigger a mandatory open offer under takeover regulations.

A third person added that if the deal goes through, it would mark ChrysCapital’s first majority investment in the pharmaceutical sector. The firm has previously undertaken minority bets in the space and could use Novartis India as a platform to expand its domestic pharma portfolio.

ChrysCapital is one of India’s largest and oldest homegrown private equity firms. Founded in 1999 by Ashish Dhawan and Rajat Gupta, the firm invests in growth-stage and buyout opportunities across sectors.

Notable Portfolio Companies (Past & Present) include Mphasis, Hinduja Global Solutions, Intas Pharmaceuticals, Edelweiss Financial Services, Bandhan Bank, Lenskart, Shriram City Union Finance, and QuEST Global.

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