Board of Novartis India to support promoter in strategic review

  • IANS
  • Stock Market News
Board of Novartis India to support promoter in strategic review
Credit: © Reuters.

New Delhi, Feb 17 (IANS) The board of directors of Novartis India took note of the communication received from Novartis AG, holding company and promoter, regarding their intention to conduct a strategic review to unlock the value of their shareholding in the company.“After some deliberations, the Board agreed to support Novartis AG, as may be required, in evaluating their strategic options," Novartis India said.

Novartis India Limited is a public company listed on the Bombay Stock Exchange. The strategic review will include an assessment of the 70.68 per cent shareholding of Novartis AG in the company.

Novartis India Limited is separate from Novartis Healthcare Private Limited, the wholly-owned subsidiary of the Novartis group in India.

Novartis Healthcare Private Limited 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 Private Limited.

“There can be no assurance that the strategic review of Novartis India Limited will be completed in 2024, or that the outcome would result in the implementation of any transaction," the company said.

“Novartis remains deeply committed to India with a footprint that has expanded significantly in recent years. Today, Novartis proudly employs more than 8,100 associates in India," it said.

--IANS

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