Indian Inc investment abroad shrinks by 30% to $1 bn in Sep

Overseas direct investment by Indian companies fell by 30 percent to $1.36 billion in September over the previous month, the Reserve Bank said today.

The domestic firms invested $1.95 billion in August. A total of 406 deals took place during September by the Indian companies to carry out the outward foreign direct investment, according to the data released by RBI.

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Telecom major Bharti Airtel, JK Cement, Dr Reddy’s were among the major investors. Bharti Airtel invested $150.02 million in its wholly- owned venture in Mauritius, which is involved in transport, storage and communication services.

J K Cement made an investment of $104.30 million in its wholly-owned subsidiary in United Arab Emirates, while Tractors and Farm Equipment Ltd invested $65 million in its joint-venture in the US. Drug maker Dr Reddy’s Laboratories invested $58.97 million in its wholly-owned company in Cyprus.

Nava Bharat Ventures made an investment of $50 million in Singapore in its wholly-owned subsidiary, which is engaged in manufacturing.

PTI