MumbaiIndia Inc’s overseas direct investment fell 31 percent to $ 1.85 billion in February this year, RBI data showed. Domestic companies invested $ 2.66 billion in their overseas subsidiaries and joint ventures during the year, February 2020.
Of the total investment made by Indian companies in foreign markets, $ 1.36 billion was in the form of loans; According to the RBI Data on Foreign Direct Investment (OFDI) – February 2021, $ 297.37 million was equity investment, and the remainder was $ 183.82 million.
However, the total OFDI by local companies in February was higher than that of $ 1.19 billion in January 2021. Among the largest companies investing in their overseas businesses during the month was Tata Steel ($ 1 billion in its wholly-owned subsidiary in Singapore ), and Sun Pharmaceutical Industries – $ 100 million in a joint venture in the USA.
ONGC Videsh Ltd has invested a total of $ 96.15 million in various joint ventures / wholly owned subsidiaries in Russia, Mozambique, Myanmar, Sudan, Colombia, Vietnam and Azerbaijan. JSW Steel made a combined investment of USD 62.85 million in its three WoS / JVs in the Netherlands and the USA.
GMM Pfaudler Ltd, which manufactures pharmaceutical equipment, has invested $ 45.33 million in its JV in Luxembourg; the Indian Hotels Company $ 33 million in the Netherlands JV; L&T Hydrocarbon Engineering invested $ 37.55 million in a JV in Saudi Arabia and Millars Concrete Technologies invested $ 34.26 million in the Luxembourg joint venture. RBI said the data is preliminary and is subject to change based on online reports by the banks.
Source: Telangana Today