Ranbaxy Laboratories Ltd. (RLL) announced that the company has been conferred the status of a Five Star Export House by the Directorate General of Foreign Trade (DGFT), India.

Welcoming the decision of the government, Ramesh Adige, vice president, corporate affairs, RLL, said, "At this juncture, when Ranbaxy is looking at consolidating its presence in the US market and other major pharmaceutical markets in the world, such an accomplishment reinforces our credentials as a favoured manufacturer and exporter of generics, branded generics and APIs."

This special status allows the company to avail a number of privileges such as, fast track clearance procedures and 100 per cent retention of foreign exchange in EEFC (Exchange Earners' Foreign Currency) account.

The Star Export House certification has 5 categories based on the cumulative value of exports by the company during the current and the previous three years. For the Five Star category, companies with exports exceeding Rs 5000 crore are judged. During the financial year 2003 alone, Ranbaxy achieved a turnover of Rs 3534 crore with Rs 2468 crore coming from exports. Ranbaxy's revenue through exports has increased consistently over the years clearly establishing that foreign exchange earnings continue to be the mainstay of the company's growth strategy.

The certification, valid for a period of five years, acknowledges star performers and encourages exports from the country. It is granted under the provisions of the Exim Policy framed by the DGFT.