: Govt gives approval to four firms under PLI scheme for domestic manufacturing KSMs & APIs #FinanceIndia #StockMarketNEWS Govt gives approval to four firms under PLI scheme for domestic manufacturing

@StockMarketNEWS Tue 01 Jun, 2021

Posted in: #FinanceIndia #StockMarketNEWS

Govt gives approval to four firms under PLI scheme for domestic manufacturing KSMs & APIs #FinanceIndia #StockMarketNEWS
Govt gives approval to four firms under PLI scheme for domestic manufacturing KSMs & APIs New Delhi, Jun 1 (KNN) The government has given approval to four waitlisted firms under the Production Linked Incentive (PLI) scheme for domestic manufacturing of critical Key Starting Materials (KSMs) and Active Pharmaceutical Ingredients (APIs).

The companies which have been given approval are -- Solara Active Pharma Science Ltd, Rajasthan Antibiotics Ltd, Dhatri Lab Pvt Ltd and Vital Laboratories Pvt Ltd.

The products for which approval has been given are -- 1,1 Cyclohexane Diacetic Acid, Meropenem, Ritonavir and Levofloxacin, the statement said.

The Department of Pharmaceuticals, with an objective to attain self-reliance and reduce import dependence in critical Bulk Drugs - KSMs/ Drug Intermediates and APIs, had launched a PLI Scheme for promotion of their domestic manufacturing by setting up greenfield plants with minimum domestic value addition in four different target Segments (In two fermentation based - at least 90 per cent and in two chemical synthesis based – at least 70 per cent) with a total outlay of Rs 6,940 cr. for the period 2020-21 to 2029-30.

All the 215 applications received for the 36 products spread across the four target segments were considered and appraised and selected participants duly informed, the Ministry of Chemicals and Fertilisers said on Monday.

Now, four waitlisted applicants who are otherwise eligible have been approved against slots vacated by withdrawal by companies which had earlier been granted approvals, the ministry added.

With this, a total of 46 applications with committed investment of Rs 5,355.44 crore and expected employment generation of about 11,210 have been approved by the government so far under the PLI Scheme for Bulk Drugs, the ministry added.

It further said setting up of these plants will make the country self-reliant to a large extent in respect of these bulk drugs. The disbursal of production linked incentive by the government over the six years period would be up to a maximum of about Rs 6,000 crore.