India Inc's overseas investment down 21% at $2.3 bn in Oct

Mumbai: Direct investments by Indian firms abroad fell 21 percent to USD 2.28 billion in October 2015 compared to the same month last year, according to RBI data.

Indian companies had put in USD 2.88 billion in the form of outward foreign direct investment (OFDI) in October 2014.

While in the preceding month of September 2015, the investment stood at USD 1.24 billion, as per the data.

The investments were a mix of issuance of guarantees (USD 1.72 billion), loans (USD 210.94 million) and equity (USD 341.82 million).

Lupin Ltd, Tata Communications, Sintex Industries, Infosys, Mahindra Holidays and Resorts India Ltd and Tata Chemicals were among the major investors overseas during the month.

Lupin invested USD 753 million in a wholly owned subsidiary (WOS) in Switzerland, Tata Communications invested USD 210 million in a WOS in Singapore and Infosys Ltd made a combined investment of USD 106.34 million in two of its wholly owned units in Sweden and Switzerland.

Among others, Sintex Holdings made an investment of USD 102.5 million in a WOS in Netherlands, Mahindra Holidays & Resorts India put in USD 60.27 million in a WOS in Mauritius and Tata Chemicals invested USD 54 million in a fully-owned bio-energy unit in Mauritius.

JSW Steel invested a total of USD 43 million in two wholly-owned units in Mauritius and Netherlands and one joint venture in the US.

Essel Propack committed USD 40.04 million in a wholly-owned company in Mauritius.