India Pharma Outlook Team | Wednesday, 07 October 2026
Specialty chemicals maker Anupam Rasayan has completed a major acquisition that expands its presence into branded pharma CDMO.
The specialty chemicals company has completed the acquisition of Bliss GVS Pharma and now aims to make pharmaceuticals roughly one-third of group revenue within three years.
The deal adds finished-dose capability to its existing strength in key starting materials and creates a full-stack offering for global customers.
CEO Gopal Agrawal has outlined plans to push contract manufacturing and finished drugs into the US and Europe while leveraging Bliss’s own brands in Africa.
The shift marks a decisive step from China-replacement chemicals toward an integrated pharma platform.
Anupam Rasayan India Limited is a leading custom synthesis and specialty chemical manufacturer established in 1984. Headquartered in Surat, Gujarat, it specializes in complex multi-step synthesis and continuous flow chemistry. The company operates 6 manufacturing sites with an installed capacity exceeding 200,000 MTPA as of 2026.
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Anupam Rasayan began as an agrochemicals supplier. Over the past five years, the company has grown its pharma business from almost zero to about Rs 300 crore in sales by producing key starting materials that replace Chinese imports.
The Rs 1,750 crore acquisition of Bliss GVS Pharma, completed on September 28, adds finished-dose formulation capability. Agrawal noted that it is rare for one company to control key starting materials, intermediates, active pharmaceutical ingredients and formulations under one roof.
Customers increasingly seek complete supply-chain solutions rather than single products. Anupam will supply the key starting materials while Bliss handles further processing, creating an integrated CDMO offering for clients in the United States and Europe.
The United States will be the priority market, followed by Europe, with Japan later. Contract development and manufacturing sales in the United States could begin as early as this year. Bliss’s plants already hold USFDA and EU GMP certifications, and some products already have approvals.
Anupam has about 90-100 molecules in various stages at the parent level, plus another 60-70 across subsidiaries including Bliss, Jayhawk and TANFAC. The group has commercialized eight to ten products a year over the last five to seven years.
Bliss is expected to add four or five new products a year from a pipeline of 50-60 molecules. Pharma is expected to grow faster than the agrochemicals business.
Key points on the growth outlook include:
Only 15-20 per cent of the acquisition cost was funded through debt. The rest came from Class B shares and optionally convertible debentures. The deal is earnings-per-share accretive from day one. Agrawal identified execution as the main risk rather than demand or regulation, noting that all required plant certifications are already in place.
Anupam Rasayan’s acquisition of Bliss therefore transforms the company from a specialty chemicals and key starting materials player into an integrated branded pharma CDMO with clear ambitions in regulated markets and a strong branded presence in Africa.
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