Korean biotechnology firm Standard Diagnostic has recently got a “conditional” approval from the Foreign Investment Promotion Board (FIPB) to invest $5 million in its Indian arm to manufacture diagnostic kits for HIV, malaria, dengue fever, syphilis and influenza. FIPB approved the FDI proposal on the condition that the Korean company would maintain the production levels of drugs and consumables made at its India plant for five years. Standard Diagnostic is also expected to maintain the R&D investments at an absolute quantitative level in the domestic unit for the next five years.

Source : http://www.financialexpress.com/news/korean-co-gets-fipb-nod-to-invest-in-arm/1196901

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