Indian cos invest $1.88 bn overseas in March
Mumbai: Investment by Indian companies abroad increased by 13.7 percent to USD 1.88 billion in March, according to the Reserve Bank data.
In February, Indian companies had invested USD 1.66 billion overseas.
The last month saw 484 deals including those by Videocon Oil Ventures, Videocon Industries, JSS Steel, House of Pearl Fashions, Glenmark Pharmaceuticals, Garware Offshores Services.
Videocon Oil Ventures and Videocon Industries invested USD 456.39 million and USD 397.02 million respectively in their wholly-owned subsidiaries in Cayman Islands. Both the subsidiaries are engaged in the business of agriculture and mining.
Glenmark Pharmaceuticals invested a total of USD 81.53 million in six separate tranches in its various joint ventures and wholly-owned units in Kenya, Mexico, Peru, Russia, Switzerland and Venezuela.
Besides, House of Pearl Fashions with an investment of USD 47 million in its wholly-owned unit in Mauritius and Garware Offshores Services with USD 34 million investment in its wholly-owned company in the Netherlands were among other major investors.