India Inc's Overseas Direct Investment Rises 8.5% To $3.34 Bn In Mar

India Inc's direct overseas investment increased 8.5 per cent year-on-year to USD 3.34 billion in March 2022, data from the Reserve Bank of India (RBI) showed on Monday.

The Indian companies had invested USD 3.1 billion in their overseas fully-owned subsidiaries (WOSs) and joint-ventures (JVs) in the same month a year ago.

In the preceding month (February 2022), the outward foreign direct investment was USD 940.62 million.

Of the total amount invested in March 2021-22, USD 1.31 billion was in the form of issuance of guarantee; USD 1.2 billion as loan and USD 866.93 million was infused in the form of equity, as per the RBI data.

The RBI said the data is provisional and subject to change, based on the reporting by authorised dealer banks.

Major investors who infused capital in their overseas ventures included Tata Communications USD 690 million in Singapore; Jindal Steel and Power USD 366 million in Mauritius; Wipro USD 204.96 million in Cyprus; and Jindal Saw USD 64.50 million in the United Arab Emirates. All of them invested money in their WOS companies.

Restaurant Brand Aisa and Lupin Ltd put in USD 141.34 million and USD 131.25 million in their JVs in Indonesia and the US, respectively.

While Reliance New Energy invested USD 87.73 million in WOS in Norway; Mohalla Internet Pvt Ltd pumped USD 86 million in a fully-owned unit in Mauritius and ONGC Videsh infused USD 83.31 million in a joint-venture in Russia, the data showed.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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