India Inc overseas direct investment plunges 47% to $1.77 bn
India Inc’s overseas direct investment fell over 47 per cent to $1.77 billion during July 2017, the RBI data showed today. Indian companies had invested $3.35 billion in the same month of last year. Of the total investments in foreign ventures by Indian companies overseas, $900.66 million was in the form of issuance of guarantee, $513.81 million as loan and $353.55 million was part of equity investment. In preceding month June 2017, the outward foreign direct investment stood at $1.11 billion. Among major investors, SAS Hotels and Enterprises put in $360 million into a wholly owned subsidiary in Singapore; Intas Pharmaceuticals $68.66 million in two separate tranches in wholly owned units in Spain and the UK. While ONGC Videsh Ltd invested a sum of $51.88 million in its various joint ventures located in Vietnam, Russia and Myanmar.