"The accelerated approval for manufacturing and marketing of the drug is aimed at meeting the urgent and unmet medical need for COVID-19 treatment options in the country through restricted emergency use," the company in a statement said.
The company said it will commercially launch Ciplenza in the first week of August and each tablet has been priced less than a dollar.
Ciplenza has been jointly developed by Cipla and CSIR-Indian Institute of Chemical Technology.
India on Friday reported the number of COVID-19 cases in the country have reached 1,287,945 including 30,601 deaths. Globally India is the third worst-hit country due to the COVID-19 pandemic.