Drug major Novartis AG announces a strategic review of India unit | Company News – Business Standard
Drug major Novartis AG on Friday announced a strategic review of Novartis India Ltd, a public company listed on the BSE.
The strategic review will include an assessment of the 70.68 per cent shareholding of Novartis AG in the company, the drug firm said in a statement.
Novartis India Ltd is separate from Novartis Healthcare Pvt Ltd, the wholly owned subsidiary of Novartis group in India.
Novartis Healthcare Pvt Ltd includes the Novartis Corporate Centre in Hyderabad, the commercial arm of Novartis in India, and R&D teams, which currently conduct clinical trials at more than 300 trial sites in the country.
The strategic review will not impact Novartis Healthcare Pvt Ltd, Novartis AG stated.
There can be no assurance that the strategic review of Novartis India Ltd will be completed in 2024, or that the outcome would result in the implementation of any transaction, it said.
Novartis remains deeply committed to India with a footprint that has expanded significantly in recent years, it added.
Novartis employs over 8,100 associates in India.
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First Published: Feb 16 2024 | 10:09 PM IST