 "Overseas investment by Indian companies dips 42% to $1.45 bn in Dec: RBI")
Overseas investment by domestic companies fell by over 42 per cent to $1.45 billion in December 2020, according to data from the Reserve Bank of India.
In the year-ago period, companies in India had invested $2.51 billion in their foreign firms (joint ventures or wholly-owned units).
In November 2020, the total outward foreign direct investment (OFDI) was of $1.06 billion — which was down by 27 per cent from a month-ago period.
Of the total FDI investment by the Indian companies during the month under review, $775.41 million was in the form of equity infusion and $382.91 million was in the form of loan.
Investment of $287.63 million was in the form of issuance of guarantee, according to the RBI data.
Among major investors, ONGC Videsh, the international arm of ONGC, invested a total of $131.85 million in joint ventures and wholly-owned subsidiaries in Myanmar, Russia, Vietnam, Colombia, and British Virgin Islands, among others.
Ahmedabad-based Intas Pharmaceuticals invested $75.22 million in a wholly-owned subsidiary in the UK, and Tata Consultancy Services invested $27.77 million in a wholly-owned unit in Ireland.
In the December quarter, according to the RBI report, the maximum outward FDI from India was done to the US, Mauritius, Singapore, and the UK, respectively.