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.

India Inc had invested $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 $6.71 billion in May 2021, as per the RBI data on outward investments by Indian firms.

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

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

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

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