Concludes acquisition of 48.2% controlling stake in Bliss GVS Pharma at ₹299 per share

Anupam Rasayan has paid consideration for a 48.2% controlling stake in Bliss GVS Pharma at ₹299 per share, via wholly owned subsidiary Mates Visa Consultancy.

Mon 28 Sep 2026

Acquisition Stake

48.2% controlling stake in Bliss GVS Pharma

Price per Share

₹299 per share

Funding Structure

₹300 crore term loan plus ₹1,450 crore non-voting instruments

Pro-forma Revenue

Expected above ₹4,000 crore

Pro-forma EBITDA

Approximately ₹834 crore

What happened

Anupam Rasayan has paid the consideration towards the transaction of a 48.2% controlling stake in Bliss GVS Pharma Limited at ₹299 per share, completing its third strategic inorganic transaction. The purchase was done through Mates Visa Consultancy, a wholly owned subsidiary, following the definitive agreement signed on May 23, 2026 and completion of the mandatory open offer.

How it is funded

• A ₹300 crore term loan
• 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 says this structure preserves balance-sheet capacity for future growth.

About the target

Bliss GVS Pharma, founded in 1984, is a branded formulations company with more than 150 brands across anti-malarial, anti-fungal, anti-bacterial, anti-inflammatory, anti-diabetic and cardiovascular therapies. It runs six manufacturing facilities in Maharashtra, certified to US FDA, EU-GMP and WHO-GMP standards, and is described as India's first EU-GMP certified suppositories manufacturer. Facilities are currently running at approximately 30% capacity utilisation.

Combined platform

After consolidating Anupam Rasayan, Tanfac Industries, Jayhawk Fine Chemicals and Bliss GVS Pharma, pro-forma revenue is expected to exceed ₹4,000 crore with EBITDA of approximately ₹834 crore. The revenue split: about ₹1,676 crore Anupam Rasayan standalone, ₹711 crore Tanfac, ₹722 crore Jayhawk and ₹927 crore Bliss GVS Pharma.

The three-step strategy

• Tanfac Industries (2022): 24.96% stake plus management control, giving access to fluorine-based raw materials — backward integration
• Jayhawk Fine Chemicals (February 2026): 100% acquired at an enterprise value of approximately US$134 million, adding US manufacturing. Roughly 65% of its revenue comes from performance materials applications; in Q1 FY27 it contributed about 20–22% of consolidated revenue at EBITDA margins around 19–20%
• Bliss GVS Pharma: forward integration into finished dosage formulations

Valuation note

The company states the acquisition was made at approximately 24x LTM earnings, describing it as earnings-accretive at a valuation lower than the multiple at which the parent trades.

What to watch

Integration of a formulations business is new ground for a specialty chemicals maker, and the funding adds debt and investor instruments to the structure. Low current capacity utilisation at Bliss GVS is presented as growth headroom; how quickly that converts into earnings will matter.

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