Acquisition Details

Anupam Rasayan India Limited has successfully completed the acquisition of a 48.2% controlling stake in Bliss GVS Pharma Limited at ₹299 per share. The acquisition was executed through Mates Visa Consultancy, a wholly owned subsidiary of Anupam Rasayan. This transaction follows the definitive agreement signed on May 23, 2026, and the completion of the mandatory open offer process.

Financing Structure

The transaction was funded through:

  • ₹300 crore term loan
  • Approximately ₹1,450 crore raised through non-controlling, non-voting instruments from financial investors led by Bain Capital, including Trust Group and Investec

This financing structure preserves balance-sheet capacity for future growth and expansion.

Bliss GVS Pharma Business Profile

Bliss GVS Pharma, 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
  • Six manufacturing facilities across Maharashtra certified to international quality standards including US FDA, EU-GMP and WHO-GMP
  • Recognition as India's first EU-GMP certified suppositories manufacturer
  • Current manufacturing capacity utilization of approximately 30%, providing significant growth headroom

Strategic Rationale and Management Commentary

According to Mr. Anand Desai, Managing Director, this acquisition marks the third strategic step in building a diversified, integrated, and innovation-led global pharmaceutical platform. The transaction:

  • Strengthens presence in finished pharmaceutical formulations
  • Complements Anupam Rasayan's expertise in key starting materials, intermediates and specialty chemicals
  • Combines manufacturing and process chemistry capabilities with Bliss GVS Pharma's formulation expertise
  • Enables forward integration, new product development, and geographic expansion
  • Expected to unlock meaningful operational and commercial synergies

Integrated Platform Financials

The combined platform post-acquisition is expected to have:

  • Pro-forma revenue of more than ₹4,000 crore
  • Pro-forma EBITDA of approximately ₹834 crore

Revenue breakdown:

  • Anupam Rasayan standalone: ₹1,676 crore
  • Tanfac Industries: ₹711 crore
  • Jayhawk Fine Chemicals: ₹722 crore
  • Bliss GVS Pharma: ₹927 crore

Strategic Acquisition Timeline

1. Tanfac Industries (2022) - Backward Integration: Acquired 24.96% stake and management control in leading specialty fluorides manufacturer, providing critical fluorine-based raw materials including hydrofluoric acid and potassium fluoride

2. Jayhawk Fine Chemicals (February 2026) - Global Manufacturing & Nearshoring: Acquired 100% of US-based specialty chemicals manufacturer for enterprise value of approximately US$134 million. In Q1 FY27, Jayhawk contributed 20-22% of consolidated revenue with EBITDA margins of 19-20%

3. Bliss GVS Pharma (September 2026) - Forward Integration: Extends value chain into finished dosage formulations at approximately 24x LTM earnings

Valuation and Synergies

The acquisition of Bliss GVS Pharma was made at approximately 24x LTM earnings, which is earnings-accretive and at a valuation lower than Anupam Rasayan's trading multiple. The transaction provides:

  • Access to established portfolio of branded formulations
  • Manufacturing infrastructure with available capacity
  • Platform for growth in pharmaceutical formulations segment
  • Integration across pharmaceutical value chain from key starting materials to finished formulations

Company Overview

Anupam Rasayan India Ltd operates in two verticals:

  • Life science related Specialty Chemicals: Agrochemicals, Personal Care and Pharmaceuticals
  • Performance Materials: Electronics & EV Chemicals and Polymers

Operational footprint:

  • Eight manufacturing facilities (six in Gujarat, one in Tamil Nadu, one in US)
  • Aggregate installed capacity: ~200,000+ MT as of March 31, 2026
  • Products manufactured for over 200+ domestic and international customers