BSECompany Update28 Sept 2026 · 28 Sept 2026, 07:53 pm
Submission of Press Release titled Anupam Rasayan concludes acquisition of Bliss GVS Pharma, makes third strategic step towards building an Integrated Global Pharma Platform.
Anupam Rasayan India Ltd · 543275
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Anupam Rasayan India Ltd has completed the acquisition of Bliss GVS Pharma, marking its third strategic step towards building an integrated global pharma platform. The acquisition strengthens its presence in finished pharmaceutical formulations and complements its expertise in key starting materials, intermediates, and specialty chemicals.
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Anupam Rasayan India Ltd - 543275 - Announcement under Regulation 30 (LODR)-Press Release / Media Release
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ANUPAM RASAYAN INDIA LTD.
ARILSLDSTX20260928064 Date: September 28, 2026
To, T o ,
BSE Limited National Stock Exchange of India Limited
Phiroze Jeejeebhoy Towers, ‘Exchange Plaza’, C-1, Block-G,
Dalal Street, Bandra Kurla Complex, Bandra (East),
Mumbai-400001, India Mumbai-400051, India
SCRIP CODE: 543275 SYMBOL: ANURAS
Dear Sir/Madam,
Subject: Intimation of Press Release.
Pursuant to Regulation 30 and other applicable regulations, if any, of the Securities and Exchange Board of
India (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed herewith
the Press Release titled “Anupam Rasayan Concludes Acquisition of Bliss GVS Pharma, Marks Third
Strategic Step Towards Building an Integrated Global Pharma Platform” to be issued by Anupam Rasayan
India Limited (the “Company”) today i.e., on September 28, 2026.
This Press Release will also be hosted on the website of the Company at www.anupamrasayan.com.
We request you to kindly take note the same.
Thanking you,
Yours Faithfully,
For Anupam Rasayan India Limited
Anand Desai
Managing Director
DIN: 00038442
Encl.: As above
Registered Office: Tel. : +91-261-2398991-95
Office Nos. 1101 to 1107, 11th Floor, Icon Rio, Fax : +91-261-2398996
Behind Icon Business Centre, Dumas Road, E-mail : office@anupamrasayan.com
Surat-395007, Gujarat, India.
Website : www.anupamrasayan.com
CIN - L24231GJ2003PLC042988
Anupam Rasayan Concludes Acquisition of Bliss GVS Pharma, Marks Third
Strategic Step Towards Building an Integrated Global Pharma Platform
Surat, September 28, 2026: Anupam Rasayan India Limited (BSE: 543275, NSE: ANURAS), one of
India’s leading custom synthesis and specialty chemical companies, has paid the consideration
towards the transaction of a 48.2% controlling stake in Bliss GVS Pharma Limited at ₹299 per share,
marking its third strategic inorganic transaction and expanding its presence into finished dosage
formulations.
The acquisition, undertaken through Mates Visa Consultancy, a wholly owned subsidiary of Anupam
Rasayan, follows the definitive agreement signed on May 23, 2026, and the subsequent completion
of the mandatory open offer process. With the acquisition now completed, Bliss GVS Pharma becomes
an integral part of Anupam Rasayan’s expanding portfolio of businesses across specialty chemicals and
pharmaceuticals.
The transaction has been funded through a combination of a ₹300 crore term loan and approximately
₹1,450 crore raised through non-controlling, non-voting instruments from a group of financial
investors led by Bain Capital and including Trust Group and Investec. The financing structure enables
Anupam Rasayan to fund the acquisition while preserving balance-sheet capacity for future growth
and expansion.
Founded in 1984, Bliss GVS Pharma 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, with its manufacturing facilities certified to international quality and regulatory
standards including US FDA, EU-GMP and WHO-GMP. Bliss GVS is also recognised as India’s first EU-
GMP certified suppositories manufacturer, reinforcing its strong manufacturing and quality
credentials. With its manufacturing infrastructure currently operating at approximately 30% capacity
utilisation, the business provides significant headroom for future growth.
On the acquisition, Mr. Anand Desai, Managing Director of Anupam Rasayan India Ltd., said, “We
are pleased to announce the successful completion of the acquisition of Bliss GVS Pharma. This
transaction marks an important milestone in our long-term strategy to build a diversified, integrated
and innovation-led global pharmaceutical platform.
The acquisition strengthens our presence in finished pharmaceutical formulations and complements
Anupam Rasayan’s expertise in key starting materials, intermediates and specialty chemicals.
Combining our manufacturing and process chemistry capabilities with Bliss GVS Pharma’s formulation
expertise, customer relationships, and market presence, we are well positioned to pursue forward
integration, new product development, and geographic expansion.
We believe this integration will strengthen our capabilities, unlock meaningful operational and
commercial synergies, and support sustainable, long-term value creation for all our stakeholders.”
Building a ₹4,000+ crore integrated platform
The acquisition of Bliss GVS Pharma marks the latest step in Anupam Rasayan’s broader inorganic
growth strategy, with each transaction adding a distinct capability to the group’s evolving business
platform.
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. 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.
The three strategic acquisitions have each been undertaken with a distinct objective: strengthening
access to critical raw materials, establishing a global manufacturing footprint and, now, extending the
value chain into finished dosage formulations.
From raw materials to finished formulations
Tanfac Industries – Backward Integration:
Anupam Rasayan’s first major strategic acquisition was its investment in Tanfac Industries in 2022.
The company acquired a 24.96% stake and management control in Tanfac, a leading manufacturer of
specialty fluorides, and subsequently participated in an open offer for an additional stake.
Tanfac provides critical fluorine-based raw materials, including hydrofluoric acid and potassium
fluoride, strengthening Anupam Rasayan’s access to key inputs and reducing dependence on imports.
The acquisition also created opportunities to develop additional fluorine derivatives for applications
across crop protection, pharmaceuticals, solar cells, polymers and semiconductors.
Jayhawk Fine Chemicals – Global Manufacturing & Nearshoring:
In February 2026, Anupam Rasayan completed the acquisition of 100% of Jayhawk Fine Chemicals
Corporation, a specialty chemicals manufacturer based in Galena, Kansas, for an enterprise value of
approximately US$134 million.
The acquisition established Anupam Rasayan’s manufacturing presence in the US and brought the
company closer to customers in developed markets. Jayhawk also expands Anupam Rasayan’s
exposure to performance materials used in electronics, energy, aerospace and polymers, with
approximately 65% of its revenue coming from these applications. In Q1 FY27, Jayhawk contributed
approximately 20–22% of Anupam Rasayan’s consolidated revenue, with EBITDA margins of around
19–20%.
Bliss GVS Pharma – Forward Integration:
With Bliss GVS Pharma, Anupam Rasayan is extending its value chain into finished dosage
formulations, moving beyond its established capabilities in custom synthesis, specialty chemicals and
pharmaceutical intermediates.
The acquisition provides access to Bliss GVS Pharma’s established portfolio of branded formulations,
manufacturing infrastructure and presence across multiple therapeutic segments. It also creates
opportunities for greater integration across Anupam Rasayan’s pharmaceutical value chain and
strengthens its ability to participate across the journey from key starting materials and intermediates
to finished formulations.
Together, the three transactions represent a progression in Anupam Rasayan’s inorganic growth
strategy backward integration through Tanfac, global manufacturing and nearshoring through
Jayhawk, and forward integration into finished dosages through Bliss GVS Pharma.
The acquisition of Bliss GVS Pharma has been made at approximately 24x LTM earnings, providing
Anupam R
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