Venus Remedies Ltd, a Chandigarh based pharmaceutical company, has received recognition of Department of Scientific and Industrial Research (DSIR), a functionary of Ministry of Science & Technology, Government of India, for its medicine research centre.
The research centre is now a recognized centre for development of globally competitive technologies of high commercial potential, a company press release said.
This recognition puts Venus amongst the list of selected pharmaceutical companies with a Government recognized research & development centre. It not only enhances the value addition in terms of recognition of its capabilities and creativity, but also brings with it a number of tax and duty exemptions as well.
The company would now be enjoying a weighted tax deduction of 150 per cent on its R&D expenses along with complete exemption of duties on import of materials or equipments and machines for R&D purpose. The additional advantage in the form of accelerated depreciation allowance on plant & machinery set up for indigenous technology and excise duty waiver on goods produced on indigenous technologies would also accrue to the company.
The company's research institute has captured this accreditation within eight months of its inauguration at Baddi campus which will provide additional impetuous to the future growth and development plans of the research centre and overall growth plans of the company, the release added.