Novartis India up 3% on FIPB nod to transfer OTC division

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26 Aug, 2025 12:21

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Moneycontrol Bureau

Novartis India shares gained 3.2 percent intraday Monday after getting approval from Foreign Investment Promotion Board to transfer OTC (over the counter) division to GSK Consumer.

"GlaxoSmithKline Consumer has informed the company that the FIPB, pursuant to its letter dated August 20, approved proposal made by GSK to acquire company's OTC division," Novartis said in its filing.

After the approval from board of directors and FIPB, the company and GSK will proceed with completing documentation required to complete this transaction, it added.

Novartis AG, the parent company of Novartis India, agreed with GSK UK (on April 22, 2014) to create a global consumer healthcare joint venture. In connection with this JV, in January 2015, the company's board members approved transfer of OTC division as a going concern by way of slump sale to GSK for Rs 109.73 crore.

At 12:36 hours IST, the scrip of Novartis India was quoting at Rs 811, up Rs 11.50, or 1.44 percent on the Bombay Stock Exchange.Posted by Sunil Shankar Matkar