India Inc's overseas direct investment in June doubles at $2.8 bn

The overseas direct investment of domestic companies more than doubled to $2.80 billion in June this year, according to RBI data

The overseas direct investment of domestic companies more than doubled to USD 2.80 billion in June this year, according to RBI data.

India Inc had invested USD 1.39 billion in overseas ventures in the year-ago month.

However, on a month-on-month basis, the investment was lower by over 58 per cent from USD 6.71 billion in May 2021, as per the RBI data on outward investments by Indian firms.

Of the total investment during June 2021, USD 1.17 billion was in the form of issuance of guarantee, USD 1.21 billion was given as loan, while the equity investment stood at USD 426.84 million.

Among the major investors included Tata Steel USD 1 billion in a wholly owned subsidiary in Singapore; Wipro USD 787.5 million in a wholly owned unit in the US; and Tata Power USD 131.25 million in a fully owned unit in Mauritius.

Reliance Industries invested USD 56 million in agriculture and mining based WOS in Singapore; Interglobe Enterprises invested USD 51.5 million in a joint venture in the UK; ONGC Videsh Ltd USD 48.31 million in a JV in Mozambique and Paharpur Cooling Towers USD 48 million in a wholly owned subsidiary in Singapore.

Among others were Tata Communications' USD 50 million in WOS in Singapore; ONGC Videsh invested USD 48.70 million in a JV in Russia; and WNS Global Services invested USD 45 million in a JV in the Netherlands.

The RBI said the data is provisional and subject to change on online based reporting by the authorised dealer banks.