India Inc's outward FDI halves to $1.93 billion
STORIES, ANALYSES, EXPERT VIEWS
India Inc's outward foreign direct investment in March 2021 nearly halved to USD 1.93 billion (around Rs 14,495 crore), according to the RBI data.
Domestic firms had invested USD 3.86 billion as outward foreign direct investment (OFDI) in the year-ago month of March 2020. In the preceding month (February 2021), the OFDI stood nearly the same at USD 1.95 billion.
Of the total investment committed by the Indian investors in their foreign joint ventures/wholly owned subsidiaries in March this year, USD 1.15 billion was in the form of issuance of guarantees.
Rest of USD 413.25 million was in the form of loan and USD 363.54 million was through equity capital, the data showed.
The major investors were telecom major Bharti Airtel Ltd USD 750 million in a wholly owned unit in Mauritius; pharma firm Lupin Ltd USD 250 million in a JV in the US, SRF Ltd USD 83.83 million in a wholly owned subsidiary (WoS) in the Netherlands.
Mahindra & Mahindra invested USD 84.52 million in WoS in Mauritius and The Indian Hotels Co Ltd USD 59.59 million in its wholly owned subsidiary in the Netherlands.
The RBI said the data is provisional and subject to change based on the online reporting by the authorised dealer (AD) banks.