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Anupam Rasayan India Limited has finalised its acquisition of a controlling interest in Bliss GVS Pharma, marking a strategic expansion into finished dosage formulations. This acquisition strengthens Anupam Rasayan's pharmaceutical portfolio, bolstered by Bliss GVS Pharma's extensive array of over 150 brands across several therapeutic segments, while also offering valuable growth avenues through their current manufacturing infrastructure. View More
Surat: Anupam Rasayan India Limited (BSE: 543275, NSE: ANURAS), one of India’s leading custom synthesis and specialty chemical companies, has paid the consideration towards the transaction of a 48.2% controlling stake in Bliss GVS Pharma Limited at Rs 299 per share, marking its third strategic inorganic transaction and expanding its presence into finished dosage formulations. The acquisition, undertaken through Mates Visa Consultancy, a wholly owned subsidiary of Anupam Rasayan, follows the definitive agreement signed on May 23, 2026, and the subsequent completion of the mandatory open offer process. With the acquisition now completed, Bliss GVS Pharma becomes an integral part of Anupam Rasayan’s expanding portfolio of businesses across specialty chemicals and pharmaceuticals. The transaction has been funded through a combination of a Rs 300 crore term loan and approximately Rs 1,450 crore raised through non-controlling, non-voting instruments from a group of financial investors led by Bain Capital and including Trust Group and Investec. The financing structure enables Anupam Rasayan to fund the acquisition while preserving balance-sheet capacity for future growth and expansion. Founded in 1984, Bliss GVS Pharma is a branded formulations company with more than 150 brands across therapeutic segments, including anti-malarial, anti-fungal, anti-bacterial, anti-inflammatory, anti-diabetic and cardiovascular therapies. The company operates six manufacturing facilities across Maharashtra, with its manufacturing facilities certified to international quality and regulatory standards including US FDA, EU-GMP and WHO-GMP. Bliss GVS is also recognised as India’s first EU-GMP certified suppositories manufacturer, reinforcing its strong manufacturing and quality credentials. With its manufacturing infrastructure currently operating at approximately 30% capacity utilisation, the business provides significant headroom for future growth. Live Events On the acquisition, Anand Desai, Managing Director of Anupam Rasayan India Ltd., said, in a statement, “We are pleased to announce the successful completion of the acquisition of Bliss GVS Pharma. This transaction marks an important milestone in our long-term strategy to build a diversified, integrated and innovation-led global pharmaceutical platform .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.” Building a Rs 4,000+ crore integrated platform The acquisition of Bliss GVS Pharma marks the latest step in Anupam Rasayan’s broader inorganic growth strategy, with each transaction adding a distinct capability to the group’s evolving business platform. Following the consolidation of Anupam Rasayan, Tanfac Industries , Jayhawk Fine Chemicals and Bliss GVS Pharma, the combined platform is expected to have pro-forma revenue of more than Rs 4,000 crore and EBITDA of approximately Rs 834 crore. The pro-forma revenue comprises approximately Rs 1,676 crore from Anupam Rasayan standalone, Rs 711 crore from Tanfac Industries, Rs 722 crore from Jayhawk Fine Chemicals and Rs 927 crore from Bliss GVS Pharma. The three strategic acquisitions have each been undertaken with a distinct objective: strengthening access to critical raw materials, establishing a global manufacturing footprint and, now, extending the value chain into finished dosage formulations. From raw materials to finished formulations Tanfac Industries – Backward Integration: Anupam Rasayan’s first major strategic acquisition was its investment in Tanfac Industries in 2022. The company acquired a 24.96% stake and management control in Tanfac, a leading manufacturer of specialty fluorides, and subsequently participated in an open offer for an additional stake. Tanfac provides critical fluorine-based raw materials, including hydrofluoric acid and potassium fluoride, strengthening Anupam Rasayan’s access to key inputs and reducing dependence on imports. The acquisition also created opportunities to develop additional fluorine derivatives for applications across crop protection, pharmaceuticals, solar cells, polymers and semiconductors. Jayhawk Fine Chemicals – Global Manufacturing & Nearshoring: In February 2026, Anupam Rasayan completed the acquisition of 100% of Jayhawk Fine Chemicals Corporation, a specialty chemicals manufacturer based in Galena, Kansas, for an enterprise value of approximately US$134 million. The acquisition established Anupam Rasayan’s manufacturing presence in the US and brought the company closer to customers in developed markets. Jayhawk also expands Anupam Rasayan’s exposure to performance materials used in electronics, energy, aerospace and polymers, with approximately 65% of its revenue coming from these applications. In Q1 FY27, Jayhawk contributed approximately 20–22% of Anupam Rasayan’s consolidated revenue, with EBITDA margins of around 19–20%. Bliss GVS Pharma – Forward Integration: With Bliss GVS Pharma, Anupam Rasayan is extending its value chain into finished dosage formulations, moving beyond its established capabilities in custom synthesis, specialty chemicals and pharmaceutical intermediates. The acquisition provides access to Bliss GVS Pharma’s established portfolio of branded formulations, manufacturing infrastructure and presence across multiple therapeutic segments. It also creates opportunities for greater integration across Anupam Rasayan’s pharmaceutical value chain and strengthens its ability to participate across the journey from key starting materials and intermediates to finished formulations. Together, the three transactions represent a progression in Anupam Rasayan’s inorganic growth strategy backward integration through Tanfac, global manufacturing and nearshoring through Jayhawk, and forward integration into finished dosages through Bliss GVS Pharma. The acquisition of Bliss GVS Pharma has been made at approximately 24x LTM earnings, providing Anupam Rasayan with an earnings-accretive opportunity at a valuation lower than the multiple at which the parent company trades. With Bliss GVS Pharma’s existing manufacturing footprint, established product portfolio and available capacity, the transaction provides Anupam Rasayan with an additional platform for growth in the pharmaceutical formulations segment. The transaction therefore brings together four complementary businesses across geographies and stages of the value chain, creating a larger integrated platform spanning specialty chemicals, pharmaceutical intermediates, advanced materials and finished dosage formulations. .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;width: 100%;box-sizing: border-box} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now!
India cannot risk its industrial ambitions and environmental commitments by having a static framework, particularly when the global order is fragmenting and protectionism is rising. View More
Critical minerals have quietly become the raw material of India’s economic ambitions. From the solar mission to the electric vehicle (EV) and battery ecosystem to shipbuilding and defence, every flagship programme of India now runs, directly or indirectly, on a short list of minerals, including silicon, tellurium, indium, lithium, cobalt, and others. These minerals are central to the country’s energy transition, industrialisation, technological innovation, strategic autonomy, and national security. However, their asymmetric geographic distribution and associated export restrictions add to the urgency of securing supply chains. India, though a latecomer, has stopped being a passive observer of this race. In 2025, it launched the National Critical Minerals Mission , an umbrella framework with a total outlay of Rs 34,300 crore over seven years, including Rs 7,000 crore for 1,200 anticipated domestic exploration projects. Yet, India’s critical minerals policy still rests on one institutional instrument—a list of 30 critical minerals released by the Ministry of Mines in 2023. This list of critical minerals (LCM) mentions scarce elements that are essential to domestic manufacturing. Designing and pursuing the LCM is a well-thought-out step; however, certain gaps in this list require attention. The first and foremost is the determination of an appropriate, robust methodology for identifying the critical minerals. For LCM 2023 identification, India followed a three-stage process. The first step was a comparative study of the criticality assessments of different countries, followed by inter-ministerial consultation in the second stage, and finally, an empirical evaluation of criticality using two main criteria: economic importance and supply risk, replicating the EU methodology. In this way, the first selected set of 69 elements was reduced to a final set of 30. Though India’s current framework of benchmarking and consultation seems, prima facie, appropriate, it must be broadened further to bring resilience. The other major countries have adopted transparent, data-driven, and periodically revised frameworks. The US has progressively refined its methodology for critical mineral identification. The 2018 quantitative framework of the US, with two indicators—the concentration of global mineral production and net import reliance—culminated in a risk modeling framework in 2022, which was further improved in 2025 by quantifying the probability-weighted GDP (gross domestic product) loss from mineral supply disruption simulated through 1,200 scenarios. The EU’s approach, running since 2011 and refreshed every three years, scores each material on two published axes—economic importance and supply risk—built on import concentration, producer-country governance quality, and others. What distinguishes these frameworks is not only the comprehensive methodology but also the discipline behind it: methodologies that are public, reproducible, and revised on a fixed schedule. On the other hand, India’s current methodology, borrowed from the EU, might have been more suited to the EU’s needs than India’s. Also, the current framework, reducing the final set of minerals to 30, leaves a space for opaqueness and non-producibility. Live Events Another issue is that India has not updated its LCM list, even with the existing methodology. Also, India lacks a legal mandate for revisiting the list. The US is legally required to review its methodology and list at least every three years under the Energy Act of 2020. The EU’s Critical Raw Materials Act imposes the same three-year statutory review cycle. India’s own 2023 committee recommended updating the list, preferably “every three years.” However, it is just a recommendation, not a legal mandate. The LCM items have grown from 35 to 60 in the US, while the EU has updated its LCM from 14 minerals to 34, but India has kept the same list of 30 minerals. The global trade order is changing very rapidly. The scenario that existed three years ago may no longer be valid today. A static LCM framework may weaken industrial policy due to market and policy misalignment, lessen manufacturing competitiveness because of input procurement uncertainty and increased production costs, enlarge supply-chain vulnerabilities, and demoralise investments in the sector. It may also increase exposure to export restrictions on critical raw materials, which have increased multifold in recent years. According to the Organisation for Economic Co-operation and Development (OECD), such restrictions have gone up fivefold since 2009, with approximately 16% of global trade for critical minerals facing at least one restriction in the period from 2022 to 2024, in contrast to roughly 12% in 2009-2011. Therefore, going forward, India must adopt a proactive approach. First is the revision of the LCM methodology. India may continue with the sandwich approach, combining India-customised robust quantification with transparent and publicly available consultation. Second is regular updating and publication of the list, preferably at intervals of less than three years, backed by legal architecture to make India more economically resilient. Third, given the geoeconomic stakes, India should think futuristically and may adopt a two-tier approach. Tier I will have the LCM, while Tier II may be a “Critical Minerals Watchlist” comprising minerals that are not currently critical but have the potential to become so. These minerals may be included either based on their application to new technologies or increasing concentration of production or export restrictions. E.g., manganese was excluded from the 2023 list due to adequate domestic availability, yet India still imports about 50% of its needs, while roughly 70% of global manganese exports face at least one restriction. Magnesium and boron warrant similar monitoring, given their concentrated production. These minerals may not meet the current LCM criteria, but a watchlist would allow India to track supply risks before they materialise. Finally, as a major agriculture-producing country, India has rightly added potash and phosphorus to its list, but food-security minerals remain a small share of it. Therefore, agri-related minerals should be given more weight in LCM design. India cannot risk its industrial ambitions and environmental commitments by having a static framework, particularly when the global order is fragmenting and protectionism is rising. A comprehensive and dynamic LCM framework will act as an enabler for securing strategic supply chains. India has entered the third year since the launch of the first LCM, making it high time to design a criticality framework better suited to its needs. Himanshu Jaiswal is a Consultant at the Center for Social and Economic Progress (CSEP), New Delhi; Namita and Deeksha are Research Assistants at the Research and Information systems (RIS), New Delhi. .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;width: 100%;box-sizing: border-box} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now!
Elon Musk's SpaceX launched a historic test flight of its massive Starship rocket early Monday. View More
In this articleSPCXFollow your favorite stocksCREATE FREE ACCOUNT watch nowVIDEO4:0204:02SpaceX launches its massive Starship rocket into orbit for the first time: What you need to knowSquawk on the StreetSpaceX launched its massive Starship rocket early Monday, sending the spacecraft into orbit for the first time from its company town and launch facility in Starbase, Texas. Starship reached orbit around 8:15 a.m. local time with SpaceX employees in attendance at the launch loudly cheering the milestone.During the 14th test flight for Starship, Elon Musk's aerospace and defense company also successfully deployed 26 of its new Starlink V3 satellites.A livestream of the test flight on social network X, which is owned by SpaceX, showed the rocket taking off at 8:48 a.m. ET, or 7:48 a.m. local time, from Starbase.The ship's booster made a "soft splashdown" off the coast of Starbase a few moments after launch, while the Starship spacecraft continued to climb with one of its vacuum engines going out in sub-orbital trajectory.Starship is critical to SpaceX's expansion plans. The company is counting on the giant rocket to scale its Starlink, or Connectivity, business, which was its largest and only profitable segment as of the second quarter. SpaceX operates around 11,000 active satellites in orbit today, compared to roughly 650 for competitor Eutelsat OneWeb.The SpaceX Starship and Super Heavy v3 Booster lift off on its 14h test flight from the SpaceX launch complex in Starbase, Texas, U.S., September 28, 2026. Steve Nesius | ReutersOn SpaceX's earnings call in August, Musk said, "It's not out of the question that at some point, Starlink will deliver a majority of the world's internet, at least in countries where we're allowed to operate, which is the vast majority of countries." One Starship rocket can carry 60 of SpaceX's new Starlink v3 satellites into orbit, the company said, representing about 20 times the capacity of a Falcon 9 launch. SpaceX went public in June in the largest IPO on record and is now valued at about $2 trillion. SpaceX has designed its Starship Super Heavy rocket and booster to be fully reusable, and to lift more cargo for less cost into orbit than any prior spacecraft. None of the 13 earlier test flights have been intended to make it into orbit, but with the 14th flight, SpaceX was hoping Starship would circle the planet multiple times and land off the coast of Chile. Instead, SpaceX conducted an earlier landing of the Starship. The spacecraft splashed down at about 10:58 a.m. local time.Musk had previously said Starship would reach orbit in 2022, âand begin deploying satellites in 2023. In November 2024, Musk said SpaceX would be conducting at least one Starship flight every two weeks by the end of 2025.Monday's milestones showed SpaceX making progress on its goals, but the company has not yet demonstrated the re-usability and reliability of the Starship Super Heavy system.SpaceX Starship launches on Sept. 28th, 2026.Source: SpaceXThe company is preparing Starship for a major NASA test flight next year, and intends to use the rocket to bring U.S. astronauts back to the moon's surface. SpaceX COO Gwynne Shotwell said during the All-In Summit earlier this month that the company also plans to use Starship to put "supercompute in space," launching "AI compute satellites" into orbit in 2027.The company's new v3 satellites, which are produced at a SpaceX facility in Redmond, Washington, are equipped with solar arrays that generate twice as much power as prior generations. They are also larger, and designed to be more powerful, transmitting data more rapidly than earlier versions to Starlink subscribers.The SpaceX Starship and Super Heavy v3 Booster lift off on its 14th test flight from the SpaceX launch complex in Starbase, Texas, US, September 28, 2026. Steve Nesius | Reuters Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.
Vikram Solar has secured a 400 MW module supply order from a highly reputed EPC player for a portfolio of decentralised solar projects being developed across multiple locations in Maharashtra. View More
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