Anupam Rasayan India completes a ₹1,750 crore stake in Bliss GVS Pharma, expanding its reach into finished dose medicines and integrated pharmaceutical platforms amid its ongoing expansion in the speciality chemicals and healthcare sectors.
Anupam Rasayan India has completed its acquisition of a 48.2% controlling stake in Bliss GVS Pharma for ₹1,750 crore, a move that deepens the specialty chemicals maker’s push into finished dose medicines and broadens its reach in healthcare manufacturing. The company said the transaction, executed through its wholly owned subsidiary Mates Visa Consultancy, is intended to support a wider, integrated pharmaceutical platform built around formulation and innovation.
According to the company’s statement, the deal was funded with a ₹300 crore term loan and about ₹1,450 crore raised through non-controlling, non-voting instruments from investors led by Bain Capital, alongside Trust Group and Investec. Anupam Rasayan said the acquisition included the purchase of 5,09,84,595 equity shares under the share purchase agreement, additional shares bought on the market and the shares received through the open offer process.
The company entered into the share purchase agreement on May 23, 2026, and completed the main share transfer on September 28, 2026. It said the total acquisition cost included roughly ₹50 crore in related expenses. The latest purchase is Anupam Rasayan’s third strategic acquisition, after earlier moves involving Tanfac Industries and Jayhawk Fine Chemicals.
Bliss GVS, founded in 1984, sells more than 150 brands across anti-malarial, anti-fungal, anti-bacterial, anti-inflammatory, anti-diabetic and cardiovascular therapies. The company operates six plants in Maharashtra that meet USFDA, EU-GMP and WHO-GMP standards, and Anupam Rasayan said the factories are running at about 30% capacity, leaving room for expansion. The maker of suppositories was described by the company as India’s first EU-GMP-certified producer in that category.
Anupam Rasayan said the combined business, once its existing operations and the acquired assets are consolidated, is expected to generate pro-forma revenue of more than ₹4,000 crore and EBITDA of about ₹834 crore. The company said that on a pro-forma basis, revenue would include about ₹1,676 crore from its standalone business, ₹711 crore from Tanfac, ₹722 crore from Jayhawk and ₹927 crore from Bliss GVS. Anupam Rasayan has previously said its purchase of a controlling stake in Tanfac helped secure supply of raw materials such as hydrofluoric acid and potassium fluoride, while the Jayhawk acquisition gave it a manufacturing base in the United States.
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