Surat-based Anupam Rasayan India has successfully completed the acquisition of a 48.2% controlling stake in Bliss GVS Pharma for a total acquisition outlay of ₹1,750 crore, marking its third strategic inorganic transaction. According to the company's latest statement, the controlling stake was acquired via the promoter/Share Purchase Agreement (SPA) route at ₹299 per share, plus an open offer and small on-market top-up. The actual purchase of 5,09,84,595 equity shares (47.95% of Bliss) happened on September 28, 2026, following the definitive agreement signed on May 23, 2026. The company also acquired an additional 22,50,000 shares at ₹723.28 per share for ₹162.74 crore and completed the open-offer share credit of 1,669 shares at ₹299 per share for ₹4.99 lakh. Of the total ₹1,750 crore raised for the transaction, ₹1,700 crore was spent on acquiring shares, while ₹50 crore was incurred towards acquisition-related expenses.
The transaction was funded through a ₹300-crore term loan and approximately ₹1,450 crore raised through non-controlling, non-voting instruments from financial investors led by Bain Capital and including Trust Group and Investec. As reported by The Hindu BusinessLine, the transaction was funded through a ₹300-crore term loan and approximately ₹1,450 crore raised through non-controlling, non-voting instruments from financial investors led by Bain Capital and including Trust Group and Investec. The company undertook the acquisition through its wholly-owned subsidiary, Mates Visa Consultancy.
With the acquisition, Bliss GVS Pharma becomes part of Anupam Rasayan's expanding portfolio across specialty chemicals and pharmaceuticals. According to the company's official release, Bliss GVS, founded in 1984, is a branded formulations company with more than 150 brands across therapeutic segments including anti-malarial, anti-fungal, anti-bacterial, anti-inflammatory, anti-diabetic and cardiovascular therapies. The company operates six manufacturing facilities across Maharashtra, certified to USFDA, EU-GMP and WHO-GMP standards, and is India's first EU-GMP certified suppositories maker. As per the company statement, the plants are currently running at about 30% capacity utilisation, leaving significant room for growth.
Following the consolidation of Anupam Rasayan, Tanfac Industries, Jayhawk Fine Chemicals and Bliss GVS Pharma, the combined platform is expected to have pro-forma revenue of more than ₹4,000 crore and EBITDA of approximately ₹834 crore. As reported by The Hindu BusinessLine, the pro-forma revenue comprises approximately ₹1,676 crore from Anupam Rasayan standalone, ₹711 crore from Tanfac Industries, ₹722 crore from Jayhawk Fine Chemicals and ₹927 crore from Bliss GVS Pharma. Managing Director Anand Desai stated that this transaction marks an important milestone in the company's long-term strategy to build a diversified, integrated and innovation-led global pharmaceutical platform.
This acquisition represents the latest step in Anupam Rasayan's broader inorganic growth strategy, with each transaction adding distinct capabilities to the group. According to The Hindu BusinessLine, Anupam Rasayan's first major strategic acquisition was its investment in Tanfac Industries in 2022, when it acquired a 24.96% stake and management control of the specialty fluorides maker, securing supplies of raw materials such as hydrofluoric acid and potassium fluoride. In February 2026, the company completed the acquisition of 100% of Jayhawk Fine Chemicals Corporation for an enterprise value of approximately $134 million, giving it a manufacturing base in the United States. Jayhawk contributed roughly 20-22% of Anupam Rasayan's consolidated revenue in the first quarter of fiscal 2027, with EBITDA margins of about 19-20%. With Bliss GVS Pharma, Anupam Rasayan is now extending its value chain into finished dosage formulations, moving beyond its established capabilities in custom synthesis, specialty chemicals and pharmaceutical intermediates.
