New Delhi (PTI): The government on wednesday announced the approval of Japan-based Daiichi Sankyo's proposed acquisition of shares in domestic pharma major Ranbaxy, along with 23 other proposals for a total FDI investment of Rs 753.14 crore.

The approval to 24 foreign direct investment proposals was given by Finance Minister P Chidambaram on the recommendation of Foreign Investment Promotion Board, which took up these cases on July 29.

Daiichi's proposal involves subscription to equity shares of two Indian companies and issue of warrants amounting to Rs 104.63 crore, said a Finance Ministry statement.

Ranbaxy had announced in June that Japanese drug major was acquiring 34.82 per cent promoters' stake from the Delhi-based Singh family.

Other proposals included that of Devas Multimedia for infusing fresh investment of Rs 317.85 crore in the Indian telecom sector.