Surat, September 29: Specialty pharma and chemicals manufacturer Anupam Rasayan has formally taken operational control of Bliss GVS Pharma Limited, the company said in a regulatory filing. It has acquired a controlling 50.07% stake in the specialty pharma company through its subsidiary Mates Visa Consultancy Private Limited, after an open offer for the remaining shares of the company. This is the third acquisition by the Surat-based company, following its $150 million acquisition of US-based Jayhawk Fine Chemicals in December 2025 and Rs.153 crore investment in Tanfac Industries in 2022.
Anupam Rasayan is aiming to fund the transaction through internal accruals along with structural capital arrangenments, including a Rs.300 crore term loan secured by pledging its subsidiary’s holding along with investor support led by Bain Capital. Following the transaction, outgoing promoters of Bliss GVS have been reclassified as public shareholders.
The acquisition serves as a major milestone in Anupam Rasayan’s vertical integration strategy, establishing a presence across active pharmaceutical ingredients (APIs), formulations, and specialty chemistry. By combining Anupam Rasayan’s custom synthesis capabilities with Bliss GVS Pharma’s manufacturing footprint and formulation capabilities, the combined platform is aiming to achieve a revenue scale up exceeding Rs. 4,000 crore with earnings before interest, taxes, depreciation, and amortization (EBITDA) expected at about Rs. 834 crore.
“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.” Mr. Anand Desai, Managing Director of Anupam Rasayan, said.
As part of the operational transition, the board of Bliss GVS Pharma approved key managerial restructuring, appointing new non-executive non-independent directors to steer the company’s growth plan alongside the new promoter group
