AZB & Partners and Touchstone Partners advise on Novartis AG’s Sale of 70.68% stake in Novartis India Limited to ChrysCapital-Led Consortium.

AZB & Partners acted as legal counsel to Novartis AG on the sale of its entire shareholding in Novartis India Limited, representing 70.68% of the equity, to WaveRise Investments Limited, ChrysCapital Fund X, and Two Infinity Partners. The transaction marks a significant change of control in Novartis India and triggered a mandatory open offer obligation under Indian law.

The AZB & Partners team was led by Senior Partner Darshika Kothari and Partner Kritika Agarwal, with support from Counsel Arnav Shah, and Associates Ashwin Vardarajan and Siddharth Tandon.

SEBI regulatory aspects were handled by Senior Consultant Harini Balaji, Partners Abhilash Chandran and Prerak Ved, and Associates Akash Kumar Prasad and Hardik Batra.

Litigation aspects were advised by Senior Partner Rajendra Barot, Partner Prabhav Shroff, and Senior Associate Ayush Chaddha.

Tax matters were led by Partner Aditya Singh Chandel, assisted by Senior Associates Suhail Bansal and Sarvagya Bilgaiyan.

Due diligence and other aspects were covered by Partners Nishanth Ravindran, Nandan Pendsey, and Avinash Subramanian, with Senior Associates Shailesh Singh, Rhea Ghanshani, Riddhi Tulshian, Aditya Mukherjee, Harshit Jaiswal, Jay Shah, and Associates Apurva Vats, Deepti Prabhu, Parvathy Suresh, Vivek Ilawat, and Pratyush Chaturvedi. Antitrust aspects were advised by Senior Partner Bharat Budholia, Partner Kirthi Srinivas, Senior Associate Varun Thakur, and Associate Shivangi Pradhan.

Touchstone Partners advised Novartis India Limited on the transaction.

The Touchstone team included Yashasvi Mohanram, Sumnima Kataruka, Aayushi Jain, and Niharika Mukherjee, with support from Karam Daulet-Singh.