Anupam Rasayan Acquires 48.2% Stake in Bliss GVS Pharma for Rs 1,750 Crore

It is Anupam Rasayan's third strategic acquisition, following Tanfac Industries and Jayhawk Fine Chemicals.

The controlling stake was acquired via the promoter/Share Purchase Agreement (SPA) route at Rs 299 per share, plus an open offer and a small on-market top-up.

Anupam Rasayan entered into the SPA to buy the promoter stake in Bliss GVS on May 23, 2026. The actual purchase of 5,09,84,595 equity shares (47.95 per cent of Bliss) happened on September 28, 2026.

The company also acquired an additional 22,50,000 shares at Rs 723.28 per share for Rs 162.74 crore and completed the open-offer share credit of 1,669 shares at Rs 299 per share for Rs 4.99 lakh.

The total cost of acquisition was about Rs 1,750 crore, including Rs 50 crore in acquisition-related expenses, the company said in a statement.

The deal was funded through a Rs 300 crore term loan and about Rs 1,450 crore raised via non-controlling, non-voting instruments from investors led by Bain Capital, including Trust Group and Investec, it said.

The company undertook the acquisition through its wholly-owned subsidiary, Mates Visa Consultancy.

"This transaction marks an important milestone in our long-term strategy to build a diversified, integrated and innovation-led global pharmaceutical platform," Managing Director Anand Desai said.

Founded in 1984, Bliss GVS Pharma sells more than 150 brands across therapies including anti-malarial, anti-fungal, anti-bacterial, anti-inflammatory, anti-diabetic and cardiovascular. It operates six manufacturing facilities in Maharashtra, certified to USFDA, EU-GMP and WHO-GMP standards, and is India's first EU-GMP certified suppositories maker.

The plants are running at about 30 per cent capacity utilisation, leaving significant room for growth, Anupam Rasayan said.

With Tanfac, Jayhawk and Bliss GVS consolidated, the combined group is expected to have pro-forma revenue of more than Rs 4,000 crore and EBITDA of about Rs 834 crore.

The pro-forma revenue comprises about Rs 1,676 crore from Anupam Rasayan standalone, Rs 711 crore from Tanfac, Rs 722 crore from Jayhawk and Rs 927 crore from Bliss GVS Pharma.

Anupam Rasayan bought a 24.96 per cent stake and management control of Tanfac, a specialty fluorides maker, in 2022, securing supplies of raw materials such as hydrofluoric acid and potassium fluoride.

In February 2026, it acquired 100 per cent of Kansas-based Jayhawk Fine Chemicals for an enterprise value of about USD 134 million, giving it a manufacturing base in the United States.

Jayhawk contributed roughly 20-22 per cent of Anupam Rasayan's consolidated revenue in the first quarter of fiscal 2027, with EBITDA margins of about 19-20 per cent.