Overseas Direct Investment by Indian Firms Falls 49% in March

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Mumbai: Direct investment by Indian firms abroad fell 49.1 per cent year-on-year to $1.36 billion in March 2016, data from the Reserve Bank of India showed.

Indian companies had invested $2.67 billion in their overseas ventures in March 2015. In the previous month (February 2016), the figure stood at $1.85 billion.

The investments were a mix of issuance of guarantees ($762.64 million), loans ($274.45  million) and equity ($322.67 million).

Prominent investors overseas during the month included Tata Communications Ltd, which committed $299.5 million in a wholly-owned subsidiary in Singapore.

Among others, Reliance Industries invested $84.76 million in two wholly-owned subsidiaries in Singapore and the United Arab Emirates; KEC International put $65.46 million in a joint venture in Saudi Arabia, and Emcure Pharmaceuticals invested $41.38 million in a fully-owned unit in Canada.