India Inc’s foreign direct investment declined 31% to $ 1.85 billion in February

RBI data showed that India Inc’s foreign direct investment fell 31% to $ 1.85 billion in February this year.

Domestic companies invested $ 2.66 billion in their foreign subsidiaries and joint ventures a year ago, in February 2020.

Of the total investment made by Indian companies in foreign markets, $ 1.36 billion was in the form of loans; The $ 297.37 million consisted of equity investment and the remaining $ 183.82 million was through issuance of guarantees, according to RBI data on External Foreign Direct Investment (OFDI) – February 2021.

However, the total OFDI by domestic companies in February exceeded $ 1.19 billion in January 2021.

Major companies investing in their foreign ventures during the month include Tata Steel ($ 1 billion in its wholly owned subsidiary in Singapore) and Sun Pharmaceutical Industries – $ 100 million in a joint venture in the US.

ONGC Videsh Limited 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 collective investment of $ 62.85 million in its three WoS / JVs in the Netherlands and the US.

GMM Pufudler Ltd, which is engaged in pharma equipment manufacturing, has invested $ 45.33 million in its JV in Luxembourg; Indian hotel company $ 33 million in Netherlands JV; L&T Hydrocarbon Engineering invested $ 37.55 million in a JV in Saudi Arabia and Millers Concrete Technologies $ 34.26 million in a Luxembourg joint venture.

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