Corporate India's investment in overseas ventures drop 47% to $ 1.54 bn in September, reveals RBI data

Mumbai: Indian companies’ investment in their overseas ventures fell by 47 percent to $1.54 billion in September 2018, Reserve Bank data showed. Indian companies had invested $2.91 billion in their joint ventures (JVs) and wholly-owned subsidiaries (WoS) abroad during September 2017. [caption id=“attachment_4296321” align=“alignleft” width=“380”] US dollars. Reuters.[/caption] In August, the investment by domestic companies in overseas firms was a mere $992.14 million. Of the total $1.55 billion investment in September, $950.82 million was in the form of loans, $251.84 million was infused as equity capital and $352.08 million was through the issuance of guarantee, RBI data on outward foreign direct investment (OFDI) showed. Major investors included UPL, which pumped in $408.12 million in its wholly-owned subsidiary in Mauritius, Sanmar Group International infused $77.55 million in WoS in Switzerland and JSW Steel put in $74.87 million in five tranches in its wholly-owned unit and joint ventures located in the US, Italy and Chile. KEC International invested $71.35 million in a JV in Saudi Arabia; ONGC Videsh Ltd $59.37 million in its joint-ventures in Russia and Vietnam and Sage Metals put $33.50 million in a wholly-owned unit in the US.