India Inc.'s overseas direct investment fell by 31% to $1.85 billion in February this year, the Reserve Bank of India's data showed.
Domestic companies made investments of $2.66 billion in their overseas subsidiaries and joint-ventures in the year-ago month, February 2020.
Of the total investment made by Indian companies in foreign markets, $1.36 billion was in the form of loan; $297.37 million comprised as equity investment and the rest of $183.82 million was by way of issuance of guarantee, according to the RBI data on outward foreign direct investment.
However, total OFDI by domestic firms in February was higher than that of $1.19 billion in January 2021.
Among the major companies who invested in their overseas ventures during the month included Tata Steel ($1 billion in its wholly-owned subsidiary in Singapore), and Sun Pharmaceutical Industries -- $100 million in a joint venture in the U.S.
ONGC Videsh Ltd. invested a total of $96.15 million in various joint ventures/wholly owned subsidiaries in Russia, Mozambique, Myanmar, Sudan, Colombia, Vietnam and Azerbaijan.
JSW Steel made a collective investment of $62.85 million in its three wholly-owned and joint ventures in the Netherlands and the U.S.
GMM Pfaudler Ltd., which is engaged in pharma equipment manufacturing, put in $45.33 million in its JV in Luxembourg; the Indian Hotels Company $33 million in Netherlands JV; L&T Hydrocarbon Engineering $37.55 million in a JV in Saudi Arabia and Millars Concrete Technologies invested $34.26 million in Luxembourg joint venture.
RBI said the data is provisional and is subject to change based on online reporting by the banks.
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