Indian firms' overseas investment fell to $1.24 bln in Jul

Indian firms' overseas investment fell to $1.24 bln in Jul

Overseas direct investment by Indian companies declined to USD 1.24 billion in July from USD 3.53 billion a month earlier.

As many as 459 deals took place last month involving Indian firms, leading to an overseas equity investment of USD 436.14 million as compared to USD 341.71 million in June, RBI data showed.

Investments through loan rose to USD 341.12 million from USD 177.17 million in June, it said.

"I would not read much into this. Change of mind by investors in India on account of improving (domestic) sentiments is too early to comment," Director, Indian Institute of Foreign Trade, K T Chacko said today.

The companies that invested overseas in the month of July included JSW Steel, Bharti Airtel, Tata Steel, Global Green Company, Religare Capital Markets, Reliance Industries, Spice Invest and Finance Advisors.

JSW Steel invested USD 163.39 million through its wholly- owned subsidiaries and joint-venture in Mauritius, the Netherlands and the US for its businesses in manufacturing, wholesale and retail trade besides the hotel segment.

Bharti Airtel invested USD 150.01 million through its wholly owned unit in Mauritius in the areas of communication, storage and transportation.

Tata Steel made an investment of USD 96.79 million via its wholly owned subsidiary in Singapore in financial services, insurance and real estate business, RBI said. Global Green Company, which is into wholesale, retail trade, restaurants and hotels invested USD 70.73 million through its joint venture in Belgium.

Religare Captial Markets invested USD 64.11 million in its wholly owned business in Mauritius. The subsidiary is into financial, insurance, real estate and business services.

Reliance Industries undertook an investment of USD 45.15 million in its wholly owned subsidiaries in the United Arab Emirates and Australia. The subsidiaries are into financial services, insurance, real estate and business services.

Spice Invest and Finance Advisors invested USD 37.55 million through its wholly owned subsidiary in Singapore in the areas of financial, insurance, real estate services. 

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