Torrent Pharma takes control of JB Pharma, overhauls board & senior leadership

Torrent Pharma

• Torrent Pharma acquires 46.39% stake in JB Chemicals for Rs.11,917 crore
• JB Pharma board and senior leadership undergo major changes post-acquisition
• Nikhil Chopra, JB Pharma’s CEO, stepped down as Whole‑time Director, but will continue as CEO only until March 31, 2026
• Aman Mehta appointed MD of JB Pharma; new directors join board

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Torrent Pharmaceuticals Ltd., on Wednesday told stock exchanges that it has completed its acquisition of JB Chemicals & Pharmaceuticals Ltd., triggering an overhaul of the company’s board and senior leadership. The transaction, which closed on January 21, 2026, involved Torrent purchasing 7,44,81,519 shares, or 46.39% of JB Pharma’s fully diluted equity, from Tau Investment Holdings Pte. Ltd., an entity of US Private Equity firm KKR, under a share purchase agreement signed on June 29, 2025, and amended on July 3, 2025.

With the acquisition now consummated—and an additional 1,317 shares picked up through the open offer—Torrent has formally assumed controlling promoter status at JB Pharma. JB Pharma’s board met the same day to record the change in control, acknowledge Torrent as the incoming promoter, and formally reclassify Tau as a public shareholder under SEBI rules.

The transition has prompted significant churn in JB Pharma’s governance structure. Three non‑executive, non‑independent directors—Gaurav Trehan, Akshay Tanna, and Prashant Kumar—resigned from the board, citing the change in control and the need to facilitate reconstitution. Each resignation took effect immediately at the conclusion of the board meeting.

The shake‑up extended to senior management: Nikhil Chopra, JB Pharma’s Whole‑time Director and Chief Executive Officer, tendered his resignation. He stepped down as Whole‑time Director effective immediately and will continue as CEO only until March 31, 2026, after which he will exit the company entirely to pursue other professional opportunities.

In parallel, the company announced a slate of new board appointments backed by Torrent Pharma’s nominations. Aman Mehta, Managing Director of Torrent Pharma, has been appointed Managing Director of JB Pharma for a three‑year term. Mehta, who has played a key role in Torrent’s acquisitions—including Unichem and Curatio—brings deep operational experience and strategic oversight from his decade‑long tenure within the Torrent Group.

Three additional directors were also inducted are Amal Kelshikar, a pharma veteran with 32 years of experience across Abbott, Novartis, AstraZeneca, and Baxter, Hasmukh Patel, Torrent Pharma’s Chief Operating Officer and Sudhir Menon, Executive Director (Finance) & CFO of Torrent Pharma.

With Torrent now in operational control, JB Pharma's board committees have also been reconstituted effective January 21, 2026, and the company will seek shareholder approval for the new appointments through a postal ballot.

Torrent Pharmaceuticals agreed to acquire JB Chemicals & Pharmaceuticals in a landmark transaction valuing JB Pharma at Rs 25,689 crore on a fully diluted basis.

As part of this, Torrent purchased the 46.39 percent stake from Tau Investment Holdings (a KKR entity) for Rs 11,917 crore, paying Rs 1,600 per share. Additional components of the transaction include open offer for 26 percent of public shareholding at Rs 1,639.18 per share, totaling Rs 6,842.8 crore, and also acquisition of up to 2.8 percent from employees at the same Rs.1,600 price, costing Rs 719 crore.

The transaction strengthens Torrent’s footprint in branded generics and chronic therapies—segments where JB Pharma has long maintained strong franchises in gastrointestinal, hypertension, and pediatric categories. With control secured and management realigned, the acquisition positions Torrent to accelerate portfolio expansion, supply‑chain integration, and margin improvements within its India‑focused growth strategy.