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

Major companies investing in their foreign ventures during the month include Tata Steel and Sun Pharmaceutical Industries

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 is provisional and is subject to change based on online reporting by banks.

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