Lotus Labs gets Income Tax holiday

EPP News Bureau - Mumbai

Lotus Labs, an Actavis group company, has been approved as R&D unit as per section 80-IB(8A) of the IT Act. The approval was accorded by the Govt. of India, Ministry of Science & Technology, Department of Scientific & Industrial Research. By virtue of this Lotus will be eligible for an income tax holiday on all its research related activities for the next ten years, informed a press communique.

Sudhir Pai, managing director of the company, informed that the approval was a result of its foray into phase III clinical trials. Lotus started phase III activities in December 2003 and has co-ordinated several phase III trials for both local and international companies till date. The approval will result in enormous savings to the company which can be re-invested in expanding its operations, the press communique said.