Indian cos invest $2.57 bn overseas

Indian cos invest $2.57 bn overseas Mumbai: Overseas direct investment by Indian companies rose 11.25 percent to USD 2.57 billion in December, according to the Reserve Bank data released Tuesday.

Such investments totalled USD 2.31 billion in November.

In all, 472 deals were made by Indian companies in December involving outward foreign direct investment.

Suzlon Energy, Escorts Heart Institute and Research Centre, Tata Sons Ltd, Tata Communications, Videocon Industries, HCL Technologies, Videocon Oil Ventures Ltd were among the major investors overseas during the month.

Suzlon invested USD 255.69 million in its wholly-owned subsidiary in The Netherlands which makes wind turbines.

Escorts Heart Institute and Research Centre invested USD 134.2 million in its wholly-owned unit in Singapore which is in the business of financial insurance, real estate and business services.

Tata Sons Ltd made an investment of USD 116.76 million in the United Kingdom in its wholly owned company. It is engaged in wholesale/retail trade, restaurants and hotels.

Tata Communications invested USD 113.22 million in Singapore's wholly owned subsidiary that is into transport, storage and communication services.

Videocon Industries made an investment of USD 85.01 million in wholly-owned subsidiary in Cayman Island that is into agriculture and mining.

IT services company HCL Technologies made an investment of USD 85 million in Bermuda, in a wholly owned subsidiary. It provides financial, insurance, real estate and business services.

Also, Videocon Oil Ventures Ltd invested USD 71 million in a wholly owned subsidiary in Cayman Island. It is engaged in the business of agriculture and mining activity.

PTI