Venus Remedies makes the cut for PLI scheme

Venus Remedies has figured among the select pharmaceutical firms in India which have been picked for the Production-Linked Incentive (PLI) Scheme of the Central government under the Aatmanirbhar Bharat initiative, the company notified via a statement.

The company, which is entitled to PLI to build on its existing capacities from the financial year (FY) 2022-23 to FY 2027-28, is among the non-MSME pharmaceutical companies which have been granted approval under the PLI scheme in Category C involving companies with a manufacturing turnover of less than Rs 500 crores, the statement added.

Speaking in this regard, Saransh Chaudhary, President, Global Critical Care, Venus Remedies, and CEO, Venus Medicine Research Centre (VMRC), said, “Under this scheme, Venus Remedies would make a committed investment in plant and machinery, and expanding its product portfolio, apart from adding new innovative and complex generics over the coming years. The company will get incentives on incremental sales of pharmaceutical products based on yearly threshold criteria of prescribed percentage of growth in sales on year-on-year basis. The benefits accruing from this incentive will enhance the manufacturing capabilities of Venus Remedies through increase in both investment and production.”