Reserve Bank of India (RBI) in its latest data on outward foreign direct investment showed that Indian companies’ foreign investment grew 18 percent to $2.69 billion in March 2019 as compared to same month year ago. It indicated that the domestic companies made investment of $2.28 billion in their subsidiaries and wholly-owned units abroad during March 2018.
According to the data, the investment by Indian firms stood at $1.71 billion in February 2019. Of the total investment overseas in March this year, $1.68 billion was in the form of loan, $564.97 million as equity while the rest $443.71 million was in the form of issuance of guarantee.
Data further stated that major investors included Tata Steel, which pumped $1.15 billion in a subsidiary in Singapore. This was followed by JSW Cement ($82 million in a wholly-owned subsidiary in the UAE) and ONGC Videsh ($70.37 million in various joint ventures in Myanmar, Russia and Vietnam).