The Union Ministry of Finance and Company Affairs has given approval for foreign direct investment to Chennai based MicroDevices Metrohm Limited for importing /trading of instruments / equipment for research in life sciences and biotechnology in the country.

The ministry has approved Rs 3.71 crore as FDI/NRI/OCB investment thereby enabling the company to fetch 70% of its investment requirements from Eppendorf AG, Germany.

Of the 47 approvals given by the ministry on the recommendations of the Foreign Investment Promotion Board (FIPB) held recently, two more were pertaining to the drugs and pharmaceuticals sector. While Mumbai based M/s. Ferring Pharmaceuticals Private Limited received the approval to import and start wholesale trade of high-technology products from M/s. Ferring BV

Marstraat Netherlands, the Gurgaon based M/S Corning (India) Pvt Ltd got approval to carry wholesale trading and/or bulk imports with ex-bonded warehouse sales in ophthalmic glass blanks etc in the country. The company is to import the products from its parent firm M/S Corning Incorporated, USA. Both the approvals are amendments to the existing FC approvals and do not involve fresh inflow of funds.