Novartis to Exit Indian Unit With $159 Million 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.

The Swiss drugmaker will sell its 70.68% stake in Novartis India Ltd. to a consortium of WaveRise Investments, ChrysCapital Fund X and Two Infinity Partners for 14.46 billion rupees ($159 million), according to a statement to the exchanges.