India Inc overseas direct investment plunges 47% to $1.77 bn

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India Inc’s overseas direct investment fell over 47 per cent to USD 1.77 billion during July 2017, the RBI data showed.

Indian companies had invested USD 3.35 billion in the same month of last year.

Of the total investments in foreign ventures by Indian companies overseas, USD 900.66 million was in the form of issuance of guarantee, USD 513.81 million as loan and USD 353.55 million was part of equity investment.

In preceding month June 2017, the outward foreign direct investment stood at USD 1.11 billion. Among major investors, SAS Hotels and Enterprises put in USD 360 million into a wholly owned subsidiary in Singapore; Intas Pharmaceuticals USD 68.66 million in two separate tranches in wholly owned units in Spain and the UK.

While ONGC Videsh Ltd invested a sum of USD 51.88 million in its various joint ventures located in Vietnam, Russia and Myanmar.