India Inc's foreign investment doubles to $3.02 bn in September

Written by PTI | Updated: Oct 12 2014, 19:44pm hrs
India Inc's overseas direct investment in September 2014 more than doubled from a year ago period to USD 3.02 billion, the Reserve Bank data showed.

Total investment abroad by Indian firms were at USD 1.43 billion in September 2013.

In the previous month August, the Indian companies had undertaken investments of USD 1.25 billion in overseas markets.

The investments were a mix of issuance of guarantees (USD 2.53 billion), loan (USD 257.60 million) and of equity (USD 232.59 million).

Tata Steel, KBC International, Glenmark Pharmaceuticals, Videcon Industries, and Mercator were among the major investors overseas during the month.

Tata Steel invested USD 1.88 billion in its wholly-owned unit in Singapore and Mercator made an investment of USD 45 million in its joint venture in Singapore.

Videocon Industries made an investment of USD 22.06 million in a wholly owned unit in the Cayman Island, and KEC International USD 81.3 million in a wholly unit in Mauritius.

Glenmark Pharmaceuticals invested a total of USD 27.12 million in five separate tranches in its joint ventures and wholly owned subsidiaries in Egypt, Mexico, Nigeria, Venezuela and Switzerland.