India Inc's overseas direct investment dips over 8% to $2.05 bn in Dec 21

The domestic companies had invested $2.23 billion in their overseas joint ventures and fully-owned subsidiaries during December 2020 in the previous financial year

Outward foreign direct investment by Indian companies fell by over 8 per cent to USD 2.05 billion in December 2021 in the current fiscal, data from the Reserve Bank of India (RBI) showed on Monday.

The domestic companies had invested USD 2.23 billion in their overseas joint ventures and fully-owned subsidiaries during December 2020 in the previous financial year.

Of the total investment made by the Indian companies overseas during the month, USD 1.22 billion was in the form of issuance of guarantees, USD 464.39 million was equity participation and USD 367.17 million investment was made through loans, as per the RBI data on Outward Foreign Direct Investment (OFDI) for December 2021.

The major investors who infused capital in their overseas ventures included ANI Technologies -- the promoter of mobility solutions provider Ola -- which invested USD 675 million in its wholly-owned subsidiary in Singapore, and Dr Reddy's investment of USD 149.99 million in a joint-venture in the US.

Reliance New Energy Solar Ltd invested a total of USD 168.60 million in a JV and wholly-owned subsidiary in Germany and Norway, while energy PSU Gail India infused USD 70.17 million in a joint-venture and a wholly-owned unit in Myanmar and the US.

State-owned oil explorer ONGC invested USD 74.15 million in five different ventures in various countries during the month, as per the data.