India Inc’s overseas direct investment declines 31pc to $1.85 bn in Feb

By: |
March 7, 2021 3:43 PM

Domestic companies made investments of USD 2.66 billion in their overseas subsidiaries and joint-ventures in the year-ago month, February 2020.

However, total OFDI by domestic firms in February was higher than that of USD 1.19 billion in January 2021.

India Inc’s overseas direct investment fell by 31 per cent to USD 1.85 billion in February this year, the RBI data showed.

Domestic companies made investments of USD 2.66 billion in their overseas subsidiaries and joint-ventures in the year-ago month, February 2020.

Of the total investment made by Indian companies in foreign markets, USD 1.36 billion was in the form of loan; USD 297.37 million comprised as equity investment and the rest of USD 183.82 million was by way of issuance of guarantee, according to the RBI data on outward foreign direct investment (OFDI) – February 2021.

However, total OFDI by domestic firms in February was higher than that of USD 1.19 billion in January 2021.

Among the major companies who invested in their overseas ventures during the month included Tata Steel (USD 1 billion in its wholly-owned subsidiary in Singapore), and Sun Pharmaceutical Industries — USD 100 million in a joint venture in the US.

ONGC Videsh Ltd invested a total of USD 96.15 million in various joint ventures/wholly owned subsidiaries in Russia, Mozambique, Myanmar, Sudan, Colombia, Vietnam and Azerbaijan.

JSW Steel made a collective investment of USD 62.85 million in its three WoS/JVs in the Netherlands and the US.

GMM Pfaudler Ltd, which is engaged in pharma equipment manufacturing, put in USD 45.33 million in its JV in Luxembourg; the Indian Hotels Company USD 33 million in Netherlands JV; L&T Hydrocarbon Engineering USD 37.55 million in a JV in Saudi Arabia and Millars Concrete Technologies invested USD 34.26 million in Luxembourg joint venture.

RBI said the data is provisional and is subject to change based on online reporting by the banks.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1SBI collects Rs 300 cr from zero balance accounts for certain services in 5-year: Study
2Amazon India launches mentorship programme for startups to connect with investors, mentors, others
3ECLGS: Extension of MSME refinancing scheme might add to banks’ exposure to stressed accounts, says Fitch