Last updated : December 22, 2025 7:04 am
We prioritize R&D by evaluating customer needs, market potential, and asset availability, ensuring every project aligns with our core chemistry capabilities or offers a strategic opportunity to expand our portfolio
In an exclusive interaction with Pravin Prashant, Executive Editor, Indian Chemical News, Vishal Thakkar, Deputy CFO, Anupam Rasayan India Ltd. shares his insights on company’s vision, Jayhawk Fine Chemicals acquisition, revenue mix, geography mix, R&D development, long term contracts, customer engagement strategies, and sustainability. Excerpts of the interview:
Anupam Rasayan has evolved from a domestic specialty chemicals company to a global player with a strong footprint in Europe, Japan, and the US. How has the company’s vision evolved since inception and where do you see it over the next 5-10 years?
If you look at Anupam Rasayan’s journey over the past 49 years, the company began largely as an import-substitution player, manufacturing products domestically that were otherwise imported. After Anand Desai, the current Managing Director joined the company, the strategic focus consciously shifted from an inward-looking approach to a global and outward-oriented mindset. Over time, the company started working closely with high quality international customers, including global innovators such as BASF, Syngenta, and others. Core objective has always been to evolve from being a manufacturer to becoming a strategic supply chain partner for multinational originators.
Today, the company manufactures in India and supplies across the world. The next phase of growth is about moving closer to customers. With our manufacturing footprint now in the US, we are better positioned geographically to serve customers more effectively. Going forward, our strategy will remain focused on offering integrated supply chain solutions and playing a deeper role in customers’ value chains.
How does acquisition of US-based fine chemicals company Jayhawk Fine Chemicals Corporation strengthen Anupam Rasayan’s global footprint?
Historically, Anupam Rasayan’s business has been largely Europe and India-centric, with Europe contributing a significant portion of revenues. Over the years, we expanded into Japan, which now accounts for around 15-17% of our revenue. The US was a market we had only recently begun building. Last year, it contributed about 2-4% of our revenue. The acquisition of Jayhawk Fine Chemicals changes that dramatically. Jayhawk derives nearly 70% of its revenue from the US, with the balance coming from Europe and Asia. This gives us far better geographic diversification.
From an application standpoint, Anupam Rasayan has traditionally been strong in agrochemicals, with recent expansion into pharmaceuticals and performance materials. Performance materials currently contribute around 10% of our revenue, whereas for Jayhawk, nearly 65-66% comes from performance materials. This significantly balances our product portfolio. From a technology perspective, the acquisition adds advanced chemistry capabilities such as azo chemistry and Suzuki coupling reactions. It also strengthens our expertise in hybrid product manufacturing, where they are among global leaders. Finally, the acquisition brings with it a strong, experienced team, and complementary customer relationships, allowing both organizations to grow together.
As per Q1 figures, life sciences which is inclusive of agrochemicals, personal care, and pharma business contributes 88% of revenues and performance materials contribute 12%. Do you expect this mix to change and if yes, by when?
Even organically, Anupam Rasayan was moving toward portfolio diversification. Over time, we envisaged agrochemicals contributing around 45-55% of our revenues, pharmaceuticals around 25-30%, and polymers and performance materials close to 20%. With the acquisition, this transition will accelerate. We believe performance materials could account for one-third or more of our revenue. Going forward, over the next two to three years, one would see a much more balanced portfolio across agrochemicals, pharmaceuticals, and performance materials.
How do you see the balance between domestic and international markets evolving, especially establishing footprint in key markets across Europe and Japan?
If we look at the three different segments, agrochemicals, pharmaceuticals, and performance materials, our strategy varies by segment. In pharmaceuticals, our focus is on import substitution, making the domestic market particularly relevant. In agrochemicals and performance materials, however, the business is structurally export-oriented and we expect that to continue.
With this acquisition, the US will become a significant market while Europe has historically been a meaningful market for us and Japan is now a contributor of 15-17% of business from practically zero a few years ago. With LoIs and contracts we have signed, the contribution of Japan will increase up to 30-35% in coming years.
Anupam Rasayan has signed long-term contracts worth nearly Rs. 14,000 crore. How do you see this translating into revenues by the end of FY?
Over the last two years, instead of chasing short-term growth, we focused on deep engagement with customers and building a robust pipeline. Our order pipeline has expanded from about Rs. 2,600 crore in FY22 to nearly Rs. 14,000 crore. Last year, we generated around Rs. 200-250 crore in revenue from long-term contracts. Over the next one to two years, this should increase to over Rs. 400 crore annually. Since these contracts typically span six to seven years, the Rs. 14,000 crore pipeline could translate into Rs. 2,200-2,400 crore of annual revenue, with a significant portion materialising in the near term.
There don’t seem to be any LoIs or contracts in performance materials and electronic chemicals. Can you throw some light on this?
While earlier contracts were more life-sciences-focused, most of the recent long-term orders are in performance materials, including polymers and specialty materials. Out of our most recent contracts, a majority are linked to this segment, reflecting a clear strategic shift.
How do you tailor customer engagement strategies across diverse industries - agrochemicals, pharmaceuticals, polymers, and electronics?
As a custom synthesis and manufacturing (CSM) player, our model revolves around going closer to the customer and offering end-to-end supply-chain solutions. We typically work at the N-1, N-2, or N-3 stage, very close to customers’ finished products, without competing with them in the end market. For example, when we acquired Tanfac Industries Ltd., it was a strategy of offering fluorination chemistry where you need Hydrofluoric Acid (HF) and Potassium Fluoride (KF), essentially as a key fluorinating agent. This involved offering backward integration, broader chemistry capabilities, asset availability on the ground, and close collaboration with customers’ R&D teams over 12-24 months to commercialise products. The goal is to become deeply embedded in customers’ value chains.
With nearly 90 products under development, how do you prioritise R&D and manage risk and reward?
Our R&D prioritisation rests on a few key filters such as customer need, market potential, alignment with our chemistry capabilities, asset availability, and opportunity to add new chemistries to our portfolio. We avoid developing products where we lack manufacturing capacity or where significant greenfield investments would materially alter the risk-reward equation. Supply-chain resilience is also critical, around 80-85% of our sourcing is domestic, which strengthens reliability.
How is Anupam Rasayan leveraging advanced manufacturing technologies such as continuous processes and flow chemistry?
Historically, chemical manufacturing relied heavily on batch processes, which are energy and solvent-intensive with heavy environmental footprints. Continuous processing and flow chemistry significantly reduce environmental footprint, improve safety, and enhance efficiency. We have already implemented continuous and flow chemistry across multiple products and reactions. This is an area we will continue to scale up over time.
How do you approach supply-chain risk management in a volatile global environment?
Today, competitiveness is defined by supply-chain resilience rather than just product quality. Our strategy focuses on localisation, backward integration, and controlling a larger part of the value chain, illustrated by acquisitions that secure critical raw materials. At the demand end, moving closer to customers through overseas assets is equally important. The acquisition of Jayhawk Fine Chemicals is a step in that direction which means going near the customer and market; and manufacturing some parts of the product there. This dual approach, localised sourcing and proximity to end markets, helps manage global supply-chain risks effectively.
What role can Anupam Rasayan play in strengthening India’s chemical manufacturing ecosystem?
We continue to invest heavily in domestic capacity. Recently, we completed nearly Rs. 170 crore in Capex across Gujarat facilities. While most of our revenue comes from international markets, 100% of our manufacturing remains in India. Our objective is to leverage India’s manufacturing strengths to serve global customers, aligning closely with the Make in India vision.
With Europe moving away from chemicals, many plants there are available at throw away prices. Are you looking at acquiring such plants and if yes, what are the chemistries you are looking at?
I think that it may not be the most efficient way of utilizing the capital. Europe has many interesting opportunities and we keep exploring what suits us but we have to see whether it makes any sense in terms of strategy point of view, access to customers, and better solutions to the existing and potential customers. If these criteria get fulfilled, we will definitely not shy away from it. Like we did with Jayhawk, we will always look at it. However, this can’t be done for the sake of it. For any such move, we have to be guided by strong logical reasons.
Sustainability is increasingly critical. How is it embedded in your product development and value proposition?
Sustainability is integral to our decision-making. Nearly two-thirds of our electricity consumption now comes from renewable sources such as solar and wind. We voluntarily disclose Scope 2 and Scope 3 emissions, even where not mandated. Whether it is adopting continuous processes, flow chemistry, or localising supply chains to reduce transportation emissions, reducing environmental footprint is a key criteria when we evaluate new products, customers, or technologies.
As Anupam Rasayan approaches 50th year, what milestones and long-term vision do you have?
A key near-term priority is the successful integration of recent acquisitions into the Anupam Rasayan ecosystem. Beyond that, our focus is on building a strong, integrated platform across chemistries, technologies, and end markets. Long-term vision is to evolve into a truly global multinational partner for innovators worldwide, across agrochemicals, pharmaceuticals, and performance materials while creating sustained value for customers, employees, and shareholders.