India Inc’s outward direct investment declines 31% to $ 1.85 billion in February
MUMBAI : India Inc’s outward direct investment fell 31% to $ 1.85 billion in February this year, according to RBI data.
Domestic companies invested $ 2.66 billion in their subsidiaries and joint ventures abroad during the month of February 2020.
Of the total investments made by Indian companies in foreign markets, $ 1.36 billion was in the form of loans; $ 297.37 million was in equity investments and the remainder of $ 183.82 million was in the form of collateral issuance, RBI data shows on outgoing foreign direct investment (OFDI) – February 2021.
However, the total FDI of domestic firms in February was higher than $ 1.19 billion in January 2021.
Among the large companies that invested in their overseas businesses during the month were Tata Steel ($ 1 billion in its wholly-owned subsidiary in Singapore) and Sun Pharmaceutical Industries – $ 100 million in a joint venture in the United States. United.
ONGC Videsh Ltd has invested a total of $ 96.15 million in various joint ventures / wholly owned subsidiaries in Russia, Mozambique, Myanmar, Sudan, Colombia, Vietnam and Azerbaijan.
JSW Steel has made a collective investment of $ 62.85 million in its three WoS / JVs in the Netherlands and the United States.
GMM Pfaudler Ltd, which is engaged in the manufacture of pharmaceutical equipment, has invested $ 45.33 million in its Luxembourg JV; the Indian Hotels Company $ 33 million in the Dutch joint venture; L&T Hydrocarbon Engineering $ 37.55 million in a joint venture in Saudi Arabia and Millars Concrete Technologies has invested $ 34.26 million in a Luxembourg joint venture.
RBI said the data is provisional and subject to change based on online reports from banks.
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