Direct investments by Indian firms abroad fell 21 per cent to $2.28 billion in October 2015 compared to the same month last year, according to RBI data.
Indian companies had put in $2.88 billion in the form of outward foreign direct investment (OFDI) in October 2014. In September 2015, the investment stood at $1.24 billion.
The investments were a mix of issuance of guarantees ($1.72 billion), loans ($210.94 million) and equity ($341.82 million). Lupin Ltd, Tata Communications, Sintex Industries, Infosys, Mahindra Holidays and Resorts India Ltd and Tata Chemicals were among the major investors overseas during the month. Lupin invested $753 million in a wholly owned subsidiary (WOS) in Switzerland, Tata Communications invested $210 million in a WOS in Singapore and Infosys Ltd made a combined investment of $106.34 million in two of its wholly owned units in Sweden and Switzerland.
Other investments Among others, Sintex Holdings made an investment of $102.5 million in a WOS in Netherlands, Mahindra Holidays & Resorts India put in $60.27 million in a WOS in Mauritius and Tata Chemicals invested $54 million in a fully-owned bio-energy unit in Mauritius.
JSW Steel invested a total of $43 million in two wholly-owned units in Mauritius and Netherlands and one joint venture in the US.
Essel Propack committed $40.04 million in a wholly-owned company in Mauritius. PTI
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.