The Union Government, on the recommendation of Foreign Investment Promotion Board (FIPB), has cleared as many as seven FDI proposals of pharmaceutical companies.
The Union Government did not disclose the names of the proposals that were cleared.
The FIPB has taken up 30 FDI proposals for clearance, of which 10 were from the pharmaceutical sector.
The pharmaceutical proposals that were discussed include ones from Singapore's GlaxoSmithKline; US' Mylan Inc; Mauritius-based Castleton Investment; Mumbai-based Ferring Therapeutics; and Hyderabad-based Verdant Life Sciences.
The Union Government allows 100 per cent FDI in the pharmaceutical sector. While investments in new projects are allowed automatically, investments in brownfield or existing pharmaceutical companies are required to be routed through the FIPB since late 2012.