GG News Bureau
Hyderabad, 6th Oct. Income Tax Department officials on Wednesday conducted simultaneous raids at the offices of renowned pharmaceutical group Hetero and other places associated with the company. Official sources gave this information. The raids are being conducted at the company’s headquarters, some production centers and offices in Hyderabad and Visakhapatnam in Andhra Pradesh.
“The department has recovered some documents and some computer hard disks which will be analyzed to see if any tax evasion has been done,” sources said. Company officials could not be reached for comment.
Hetero group came into the limelight after the group signed several agreements and engaged in the development of various drugs like Remdesivir for the treatment of Covid-19.
Hetero is one of the leading global suppliers of Active Pharmaceutical Ingredients (APIs) (including cytotoxics) to pharmaceutical companies manufacturing pharmaceutical formulations and new generation products in India and abroad.
Hetero has over 25 production centers in India, China, Russia, Egypt, Mexico and Iran. The Rs 7,500-crore pharma company is one of the companies that has tied up with the Russian Direct Investment Fund (RDIF) to manufacture the Covid-19 vaccine Sputnik-V in India.
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