The disbursement will bolster the company’s manufacturing capabilities and foster product diversification, including complex generics
Venus Remedies has been awarded its first disbursement of Rs 7.5 crore under the Central government’s Production Linked Incentive (PLI) scheme for the financial year 2022-23, which covers 75 per cent of the total incentive due to the company for the year.
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.
Saransh Chaudhary, CEO, Venus Medicine Research Centre, said, “We are thrilled to receive the first disbursement under the PLI scheme, which emphasises our commitment to driving innovation, creating employment opportunities and contributing to the country’s economic development. This milestone not only validates our efforts but also propels us to enhance our manufacturing capabilities further and contribute to India’s self-reliance goals.”
The PLI scheme incentivises eligible companies for incremental sales of pharmaceutical products, thereby encouraging investment in advanced manufacturing infrastructure and technology. With over Rs 1.03 lakh crore in investments registered till November 2023, the PLI scheme has witnessed significant traction, fostering growth and competitiveness across various sectors.
