India Inc's July overseas direct investment down 53% at $1.16 billion
Mumbai: Overseas direct investment by Indian companies fell by over 53 percent year-on-year to USD 1.16 billion in July 2014, as per RBI data.
Investment abroad by Indian firms were at USD 2.47 billion in July 2013.
The Indian companies, however, invested a much higher USD 5.03 billion in overseas markets last month -- June 2014.
The investments were a mix of issuance of guarantees at USD 644.25 million, loan USD 290.34 million and equity at USD 220.82 million.
Reliance Industries, Glenmark Pharma, Ruchi Soya, Oil India, Aurobindo Pharma, Zee Entertainment, Tata Power were among the major investors.
Reliance Industries invested USD 75.6 million in a wholly- owned subsidiary (WOS) in the Netherlands, Ruchi Soya Industries USD 49.5 million in a WOS in Singapore, Zee Entertainment USD 44.4 million in a WOS in Mauritius, and Aurobindo Pharma made commitment of USD 42.60 million in its WOS in the Netherlands.
Glenmark Pharma invested a total of USD 50.75 million in different tranches in a total of six entities--both joint ventures and wholly owned units--located in Kenya, Mexico, South Africa, Thailand and Venezuela.
Oil India made an investment of USD 35.01 million in a WOS in the Netherlands, VVF Limited USD 22.63 million in a joint venture (JV) in Indonesia, Tata Power USD 12.6 million in its Singapore based WOS and Sheetal Manufacturing invested USD 9.76 million in a JV in Belgium.