MUMBAI -- India's Panacea Biotec has received manufacturing license to produce Russia's COVID-19 vaccine, Sputnik V, the company said Sunday.

The license was granted by India's drug regulator pursuant to Panacea Biotec's collaboration with Russian Direct Investment Fund, the sovereign wealth fund.

Earlier in May, the batches of vaccine were produced at Panacea Biotec's facilities in India and were shipped to the Gamaleya Center in Russia for quality control and they have successfully cleared all quality parameters both in Russia as well as in India, the company said.

In April, Sputnik V was registered in India under the emergency use authorization procedure and the inoculation in India with the imported vaccines from Russia started in May by another Indian company, Dr Reddy's Laboratories, who too has approval from the Russia's sovereign wealth fund.