Foreign direct investment (FDI) by Indian companies in their overseas ventures jumped over two- fold to $2.99 billion last month. Indian firms had made investments of $1.42 billion in their overseas joint-ventures/subsidiaries in March 2016.
Investments in March this year were much higher than the preceding month, February, at $867.53 million, the Reserve Bank data showed today.
Their investment came in the form of equities $1.99 billion, loans of $742.60 million and issuance of guarantee worth $251.40 million.
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Among major investors include Bharti Airtel with Ltd $765.20 million and Tata International Ltd, $179.22 million.
ONGC Videsh Ltd invested $75.49 million and WNS Global Services $53.78 million.