Venus Remedies Becomes a Recipient of Government's PLI Scheme

Venus Remedies Ltd has received its first disbursement of Rs 7.5 crore under the Central government's Production Linked Incentive (PLI) scheme for the fiscal year 2022-23, which accounts for 75% of the total incentive due to the company for the year.

Venus Remedies was selected as one of the few pharmaceutical companies under the PLI scheme in December 2021, and it has since embarked on a journey to expand its manufacturing infrastructure and product portfolio. To be eligible for the scheme, the company met the government's stringent investment and sales requirements. Venus Remedies falls into Category C of non-MSME pharmaceutical companies chosen under the PLI scheme. 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 of Venus Medicine Research Centre, stated, "We are overjoyed to receive the first disbursement under the PLI scheme, which demonstrates our dedication to driving innovation, creating job opportunities, and contributing to the country's economic development." This milestone not only validates our efforts, but also motivates us to further improve our manufacturing capabilities and contribute to India's self-reliance goals."

The PLI programme rewards eligible companies for increased sales of pharmaceutical products, encouraging investment in advanced manufacturing infrastructure and technology. With over Rs 1.03 lakh crore in investments registered as of November 2023, the PLI scheme has gained significant traction, fostering growth and competitiveness across a variety of sectors.