FDI outflows in Sept is put at $3.46 bn

Overseas investments by Indian companies in September was $3.46 billion, with GVK Power, ETHL Communication and Tata Steel, among others, committing investments abroad.

The FDI outflows last month was 51% more than the $2.28 billion outflow in August.

According to the RBI data released today, as many as 401 overseas investment transactions were carried out by various companies in September, with the GVK Power and Infrastructure leading the pack.

It has committed $1.41 billion in its Singapore-based joint venture -- GVK Coal Developers (Singapore) which is engaged in transport, storage and communication services.

ETHL Communications Holdings has committed $776.88 million in its Mauritius-based wholly owned subsidiary (WoS). The subsidiary, ETHL Communications Mauritius, is engaged in financial, insurance, real estate and business services, the data said.

Tata Steel has committed $173.55 million in its Singapore-based WoS, Tata Steel Asia Holdings Pte, which is also engaged in financial, insurance, real estate and business services.

RHC Holding investments in its WoS based in Mauritius has committed  $113.62 million investment. The WoS is engaged in similar business as that of Tata's in Mauritius.

As per the data, Jindal Saw has committed invested $78.64 million in September in its Cyprus-based manufacturing WoS -- Ralael Holdings Ltd. Besides, the Indian firm has also committed an investment of $48.31 million in n its UAE-based WoS Jindal Saw Holdings FZE, which is also engaged in manufacturing activities.

In the first six months of this fiscal (April-September), the outward FDI stood at $19.01 billion.

While Indian companies are spreading their overseas footprints, the FDI inflows in the April-August (latest data available), too, went up by a huge 95% to $17.37 billion from $8.89 billion in the corresponding period last year.