Income tax searches at Hetero Drugs in Hyderabad

  Written by : IANS Updated: Wed, Oct 06, 2021, 02:07 PM
 

Hyderabad, Oct 6 (IANS) Income tax officials conducted searches at the premises of leading pharmaceutical company Hetero Drugs in Hyderabad on Wednesday.

Different teams of IT officials were carrying out searches at the corporate office and production centres of the company. Searches were also underway at the offices and residences of Hetero CEO and Directors.

Hetero, which has 36 state-of-the-art manufacturing facilities worldwide, manufactures products for major therapeutic categories such as HIV/AIDS, oncology, cardiovascular, neurology, hepatitis, nephrology etc.

Among the largest producers of active pharmaceutical ingredients (APIs) in the world, its strategic business areas spread across APIs, global generics, biosimilars, and custom pharmaceutical services.

The IT searches come days after Hetero Group Chairman B. Parthasaradhi Reddy was ranked second richest man from Hyderabad.

According to Hurun India Rich List 2021, Parthasaradhi Reddy and family of Hetero Labs ranks 58 in the list of wealthiest Indians. His wealth grew by 88 per cent in a year to Rs.26,100 crore. Last year, he was ranked 81.