Indian cos invest $2.03 bn overseas in Oct

Written by feBureau | Mumbai | Updated: Nov 7 2012, 05:53am hrs
Overseas direct investment by Indian companies rose to $2.03 billion in October from $1.36 billion the previous month, data from the Reserve Bank of India showed.

Guarantees continued to dominate as the preferred route to invest in overseas companies with $1.04 billion being invested through this route. Investment through loans and equity were $500 million each during October, the data showed.

The biggest investment was by Piramal Healthcare which invested $260 million to set up a wholly-owned subsidiary in Netherlands. The subsidiary would engage in financial, insurance and real estate operations.

Other key investments were joint ventures by Reliance Ports and Terminals in Singapore for which the company invested $200 million and by Sterling Biotech in British Virgin Islands for an investment of $135 million.