Key Highlights:
- Anupam Rasayan has completed the acquisition of a 48.2% controlling stake in Bliss GVS Pharma at ₹299/share, expanding its presence from specialty chemicals and pharma intermediates into finished-dose formulations.
- The deal adds Bliss GVS’ 150+ branded formulations, six manufacturing facilities and international quality certifications, while its ~30% capacity utilisation provides room for expansion.
- Following its Tanfac, Jayhawk and Bliss GVS transactions, Anupam Rasayan expects the combined businesses to form a ₹4,000+ crore pro-forma revenue platform, spanning specialty chemicals, advanced materials, pharma intermediates and finished formulations.
Implications:
Anupam Rasayan’s acquisition of a 48.2% controlling stake in Bliss GVS Pharma at ₹299/share completes its forward integration into finished‑dose formulations, adding 150+ branded brands, six US FDA/EU‑GMP/WHO‑GMP certified plants and ~70% idle capacity that can be ramped to 70–80% utilization. The deal creates a >₹4,000 crore pro‑forma revenue platform (with ~₹834 crore EBITDA) spanning specialty chemicals, advanced materials, pharma intermediates and formulations, and is structured at ~24x LTM earnings for Bliss GVS—lower than Anupam’s own multiple—making it earnings‑accretive and positioning the group to capture more value across the pharma value chain while diversifying away from pure CDMO/intermediates cyclicality.
Source: ET
