India Inc investment overseas surges two-fold in March

The Dollar Business Bureau

India Inc has increased their overseas investments in the month of March, the data by Reserve Bank of India (RBI) showed on Tuesday.

Foreign direct investment (FDI) by Indian firms in their international businesses surged more than two-fold to $2.99 billion last month.

In March 2016, the companies from India had invested worth $1.42 billion in their overseas subsidiaries/joint-ventures.

In March this year, the investments were much more compared to the preceding month of February, at $867.53 million, RBI data revealed.

The companies’ investments came by way of equities at $1.99 billion, loans of $742.6 million and in the form of issuance of guarantee around $251.4 million.

The major investors are Bharti Airtel Ltd with investment worth $765.2 million and Tata International Ltd with $179.22 million investment.

ONGC Videsh Ltd and WNS Global Services invested $75.49 million and $53.78 million, respectively.  

On the other hand, Indian companies had raised investment worth $456 million via the automatic route and around $553 million through the approval route in the month of February 2017.

The major borrowers include Renault $22.36 million, Torrent Pharma $45 million, Healthcare Global Enterprises $1.3 million, HPCL-Mittal Energy $43.75 million and JSW Steel $90 million.