"Venus Remedies Receives First PLI Incentive of Rs. 7.50 Crore"

Venus Remedies Ltd, a prominent manufacturer of generic drugs in India, has recently been granted its first disbursement of Rs. 7.5 crore under the Central government's Production Linked Incentive (PLI) scheme for the financial year 2022-23. This disbursement covers 75% of the total incentive owed to the company for the year.

Selected as one of the few pharmaceutical companies under the PLI scheme in December 2021, Venus Remedies has since embarked on a strategic journey to enhance its manufacturing infrastructure and broaden its product portfolio. The company has successfully met the stringent investment and sales criteria set by the government to qualify for the scheme. Venus Remedies falls under Category C of non-MSME pharmaceutical companies selected for the PLI scheme.

This disbursement will significantly strengthen the company's manufacturing capabilities and facilitate product diversification, including the production of complex generics, aligning with the vision of Atmanirbhar Bharat.

Saransh Chaudhary, CEO of Venus Medicine Research Centre, expressed excitement about this achievement, emphasizing the company's dedication to driving innovation, creating employment opportunities, and contributing to the nation's economic growth. He stated that this milestone validates Venus Remedies' efforts and motivates them to further enhance their manufacturing capabilities to support India's self-reliance objectives.

With this accomplishment, Venus Remedies reinforces its position as a key player in India's pharmaceutical industry, committed to advancing healthcare through its manufacturing expertise and cutting-edge research and development.

The PLI scheme aims to incentivize eligible companies for incremental sales of pharmaceutical products, encouraging investments in advanced manufacturing infrastructure and technology. With over Rs. 1.03 lakh crore in investments registered until November 2023, the PLI scheme has garnered significant momentum, fostering growth and competitiveness across various sectors.

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