India Inc's overseas direct investment drops 35 pc to USD 1.05 bn in Nov

India Inc's overseas investment fell 35 per cent over the year to USD 1.05 billion in November, data from the Reserve Bank showed Tuesday.

Indian firms had invested USD 1.62 billion in their foreign ventures in November 2017.

In October this year, overseas investment by Indian companies stood at USD 1.96 billion.

Of the total investment in November, USD 447.52 million was infused as equity, USD 216.91 million as loan and rest of USD 384.71 million was in the form of issuance of guarantee, according to the RBI data on Outward Foreign Direct Investment (OFDI).

Among the major investors were Bank of Baroda, which infused USD 190.39 million in its UK subsidiary Bank of Baroda (UK) Ltd; Vedanta Ltd USD (172.50 million in its Mauritius-based wholly owned subsidiary), GMR Airports (USD 82.37 million in the Netherlands) and Sterling and Wilson (USD 48.70 million in the UAE).

ONGC Videsh invested a total of USD 39.50 million in various joint ventures in Myanmar, Russia and Vietnam, as per the data.