Venus Remedies gets first incentive of Rs.7.50 crore under PLl scheme

Venus Remedies has received its first disbursement of Rs 7.5 crore under the Central government’s Production Linked Incentive (PLl) scheme for the financial year 2022-23, which covers 75 per cent of the total incentive due to the company for the year.

Selected under the PLl scheme in December 2021, Venus Remedies is amplifying its manufacturing infrastructure and expanding its product portfolio. The company informed that it has met the government’s rigorous investment and sales criteria to qualify for the scheme. Venus Remedies belongs to the Category C of non-MSME pharma companies chosen under the PLl scheme. The company stated that the disbursement will bolster the company’s manufacturing capabilities and foster product diversification, including manufacturing of complex generics, in line with the vision of Atmanirbhar Bharat.

The PLI scheme incentivises eligible companies for incremental sales of pharma products, thereby encouraging investment in advanced manufacturing infrastructure and technology. Withover Rs 1.03 Iakh crore in investments registered till November 2023, the PLl scheme has witnessed significant traction fostering growth and competitiveness across various sectors.