March 8, 2021 1:23:08 am
India Inc’s overseas direct investment fell by 31 per cent to $1.85 billion in February this year, the RBI data showed.
Domestic companies made investments of $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, $1.36 billion was in the form of loan; $297.37 million comprised as equity investment and the rest of $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 $1.19 billion in January 2021. Among the major companies who invested in their overseas ventures during the month included Tata Steel ($1 billion in its wholly-owned subsidiary in Singapore), and Sun Pharmaceutical Industries —$100 million in a joint venture in the US.
📣 The Indian Express is now on Telegram. Click here to join our channel (@indianexpress) and stay updated with the latest headlines
- The Indian Express website has been rated GREEN for its credibility and trustworthiness by Newsguard, a global service that rates news sources for their journalistic standards.