Novartis India News

The company's board has requested the nomination and remuneration committee to identify and recommend a suitable successor for the role, it added.

The Foreign Investment Promotion Board (FIPB) has approved the proposal made by GSK CPL to acquire the company's OTC division, Novartis India said in a BSE filing.

"The board of the company has not received any notice from the promoters of the company, Novartis AG, on its intention to delist the equity shares of the company from the Bombay Stock Exchange Limited," Novartis India said in a statement after trading hours.

Pharmaceuticals firm Novartis India Wednesday reported over two-fold increase in standalone net at Rs 51.94 crore for the fourth quarter ended March 31, 2015.

Novartis India's board on Tuesday approved the sale of its OTC division to GlaxoSmithKline Consumer Pvt Ltd, a consumer healthcare joint venture between Novartis AG and GSK, for a consideration of Rs 109.7 crore.

Surrendering most of early gains in-line with a weak stock market, shares of Novartis India ended nearly 2 percent higher Wednesday, a day after fair trade regulator CCI approved a multi-billion dollar deal between global pharma giants GlaxoSmithKline Plc and Novartis.