Acquisition
Novartis to Sell 70.68% Stake in Novartis India to Consortium for ₹1,446 Crore
•February 20, 2026
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Participants
Why It Matters
The divestment gives Novartis capital to refocus on core global pipelines while introducing fresh private‑equity expertise into the Indian pharmaceutical market. It also signals growing investor appetite for large‑scale healthcare assets in India amid a volatile macro environment.
Key Takeaways
- •Novartis sells 70.68% stake for ₹1,446 crore
- •Consortium includes WaveRise, ChrysCapital, Two Infinity
- •Deal finalizes two‑year strategic review
- •India markets open flat, oil price surge
- •Mid‑cap fund inflows hit ₹1,139 crore
Pulse Analysis
The Novartis‑India stake sale marks one of the largest foreign‑controlled exits in the Indian pharma sector this year. By off‑loading a majority interest, Novartis can redeploy capital toward high‑growth therapeutic areas and streamline its global portfolio, while the buyer consortium gains a platform with established R&D, manufacturing, and a strong domestic distribution network. Private‑equity partners such as ChrysCapital bring deep sector knowledge, potentially accelerating product launches and expanding market share in a price‑sensitive environment.
Market participants are watching the transaction against a backdrop of geopolitical risk. US‑Iran tensions have pushed crude oil to six‑month highs, tempering investor sentiment and prompting a near‑flat opening for the Nifty 50. In such a climate, large‑scale M&A activity serves as a barometer of confidence; the Novartis deal suggests that strategic investors remain willing to commit sizable capital despite macro‑uncertainty. Moreover, the timing aligns with upcoming income‑tax reforms slated for April 2026, which could reshape corporate tax liabilities and influence future deal structures.
For Indian stakeholders, the sale could catalyze broader consolidation in the pharmaceutical space. The infusion of private‑equity expertise may drive operational efficiencies, greater R&D spending, and faster adoption of advanced manufacturing technologies. Analysts anticipate that the deal could set a precedent for other multinational firms evaluating partial exits, while domestic players may seek similar partnerships to scale quickly. Overall, the transaction underscores the intersection of strategic realignment, capital market dynamics, and evolving regulatory landscapes shaping India’s healthcare industry.
Deal Summary
Novartis AG announced the sale of its 70.68% stake in Novartis India Ltd. to a consortium of WaveRise Investments, ChrysCapital Fund X and Two Infinity Partners for ₹1,446 crore. The share purchase agreement was signed on 19 February 2026, concluding a strategic review.
Article
Source: The Hindu BusinessLine — Economy/Markets
Novartis to sell its 70.68% stake in Novartis India to a consortium of buyers for ₹1,446 crore
Published: 20 February 2026
Stock‑market live updates today: Domestic shares likely to open flat, sentiment subdued on US‑Iran tensions
India’s equity benchmarks are likely to open little changed on Friday, but sentiment is expected to remain subdued amid a jump in oil prices to a six‑month high due to US‑Iran tensions.
The Gift Nifty futures were trading at 25,426.5 points as of 7:47 a.m. IST, indicating that the benchmark Nifty 50 will open near Thursday’s close of 25,454.35.
What the new income‑tax rules mean for the salaried class
The Income‑Tax Act 2025 is set to take effect from 1 April 2026. The accompanying Rules (drafted in 2026) are open for stakeholder feedback until 22 February. The final draft, also effective from 1 April, will be notified later.
Novartis stake sale
Novartis AG has agreed to sell a majority stake in its listed Indian unit, marking the culmination of a strategic review announced two years ago.
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Stake: 70.68 % of Novartis India Ltd.
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Consortium buyers: WaveRise Investments, ChrysCapital Fund X and Two Infinity Partners.
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Transaction value: ₹1,446 crore (≈ $159 million).
The Share Purchase Agreement, dated 19 February 2026, covers the sale of 1,74,50,680 fully paid‑up equity shares, representing the 70.68 % stake.
Additional market updates (chronological)
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03:31 Feb 20 – Various company‑specific news (e.g., GHV Infra wins ₹123 crore solar project; NCC’s AVSR Holdings buys 1.24 lakh shares; Time Technoplast’s Time Exports buys 1.55 lakh shares; Apollo Pipes’ S Gupta Holding buys 5.25 lakh shares; Zydus Lifesciences’ US FDA inspection of Ahmedabad unit reports zero observations; CWD’s Mysuru unit commences full commercial operations; Paras Defence acquires 49 % stake in Himanshi Thermal Solutions; RailTel Corp secures ₹36 crore railway signalling project; KEI sees ₹25,000 crore cable‑industry opportunity; Federal Bank to receive ₹686.31 crore tax refund; Bartronics India denies 500 MW data‑centre launch and OpenAI collaboration; etc.).
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03:29 Feb 20 – Novartis to sell its 70.68 % stake in Novartis India to the consortium for ₹1,446 crore.
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08:06 Feb 20 – Reiteration of the Novartis stake‑sale headline.
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08:04 Feb 20 – Reminder of flat opening expectations for Indian equity benchmarks amid oil‑price surge.
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07:45 Feb 20 – Overview of the new income‑tax rules (see above).
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07:39 Feb 20 – Mid‑cap funds outperform benchmarks; gross inflows into mid‑cap funds rose by ₹1,139 crore in the last 12 months, total AUM now ₹4.61 lakh crore.
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07:39 Feb 20 – Stocks that will see action today: Swiggy (shutting down Snacc 15‑minute delivery app), Novartis, Zydus, Texmaco, Railtel, UPL, Intellect Design, ICICI Pru Life.
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07:11 Feb 20 – Equity cash‑trade updates (FIIs sell, DIIs sell).
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07:08 Feb 20 – HFCL highlighted as a buy candidate (uptrend, double‑bottom pattern, price above 21‑ and 50‑day moving averages).
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07:05 Feb 20 – CIE Automotive India reports a 10.4 % YoY rise in Q3 consolidated net profit to ₹204.3 crore.
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07:03 Feb 20 – India Nippon Electricals Q3 sales up 27 % YoY, YTD sales up 26 %, outpacing two‑wheeler industry growth.
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07:02 Feb 20 – Insolation Energy receives in‑principle approval from NSE to migrate from BSE SME platform to NSE main board.
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07:02 Feb 20 – Saraswati Saree Depot expects Q4 FY26 seasonal demand (wedding season) to support volume recovery.
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07:01 Feb 20 – Zen Technologies awarded a 5A1 Dun & Bradstreet rating (highest classification).
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06:59 Feb 20 – Avenue Supermarts opens a new store in Gachibowli, Telangana (total stores = 449).
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06:58 Feb 20 – Equity preview: ABB India Q4 net income ₹4.33 billion (down YoY); Federal Bank to receive ₹6.86 billion tax refund; Greaves Cotton to launch Ampere 6th‑Gen electric scooter; Mahindra & Mahindra’s Embraer partnership for MRO capability; Pace Digitek receives advance award of ₹890.69 million; Puravankara launches premium Bengaluru project (price ₹12,100 +/sq ft); Texmaco Rail executes JV pact with RVNL.
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06:57 Feb 20 – Economic calendar for 20 Feb 2026 (key events: China/Taiwan market holiday, US Supreme Court hearing on tariff, UK retail sales, Euro/US PMI releases, US GDP, US Core PCE, US New‑home sales, FOMC member speech).
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06:55 Feb 20 – V‑Mart Retail receives Silver Shield in Services Category at ICAI Awards for Excellence in Financial Reporting 2024‑25.
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06:53 Feb 20 – Astral Ltd included in S&P Global Sustainability Yearbook 2026 (selected from 9,200 assessed companies).
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06:53 Feb 20 – Re‑statement of Novartis’ share‑purchase agreement (see above).
End of article.
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