Other decisions piled up include rationalisation of GST rate slabs, correction of inverted duty on certain items and inclusion of petroleum products.
Indian drug companies have cornered an overwhelming majority of drug approvals under the US President's Emergency Plan for AIDS Relief.
US-based Mylan Laboratories Inc has acquired around 51.5 per cent stake in pharmaceutical company Matrix Laboratories for Rs 306 per share.
Ending months long speculations on the chances of Indian companies in the bidding race for the world's third largest generic drug business
Indian drug maker Matrix Laboratories Ltd on Monday said US-based generic pharma firm Mylan Laboratories Inc will acquire up to 71.5 per cent stake in the company for around Rs 3,424 crore ($736 million).
The government has approved 16 projects envisaging foreign investment worth Rs 1,647 crore (Rs 16.47 billion), while deferring Punj Lloyd's proposals for lack of security clearance.
In a surprise announcement in April, Sun and Ranbaxy -- at that time owned by Japan's Daiichi -- declared an all-stock deal to create India's largest and world's fifth-largest drugmaker in an over $4 billion deal.