India Inc's direct overseas investment plunges 67% to $754 mn in Feb

India Inc's direct overseas investment declined 67 per cent to USD 753.61 million in February this year, the Reserve Bank data showed on Thursday.

The domestic investors had invested over USD 2.28 billion in overseas ventures as part of the outward foreign direct investment (OFDI) in February 2021.

Of the total invested amount during the last month, USD 237.84 million was in the form of equity infusion, USD 230.06 million as loan and USD 285.72 million by way of issuance of guarantees, showed the RBI data on OFDI February 2022.

Comparing month-on-month, the investment fell 56 per cent from USD 1.71 billion in January 2022.

Among the major investors were: ONGC Videsh Ltd USD 47 million in a joint venture in Russia; Madhurima International USD 40.91 million in a JV in the US; Titan Company USD 29.5 million in a WoS in UAE; Imagine Marketing USD 26.06 million in a wholly-owned subsidiary in Singapore and KEC International USD 15.99 million in a JV in Saudi Arabia.