India Inc invests $1.25 bn overseas in August, down 49%
Overseas direct investments by Indian firms declined 49% year-on-year to USD 1.25 billion in last month, as per RBI data. Investments abroad had amounted to USD 2.47 billion in August 2013.business Updated: Sep 11, 2014 20:30 IST
Overseas direct investments by Indian firms declined 49% year-on-year to USD 1.25 billion in last month, as per RBI data. Investments abroad had amounted to USD 2.47 billion in August 2013.
As for month-on-month, in July this year the Indian companies had spent USD 1.12 billion in overseas markets.
The investments were a mix of issuance of guarantees (USD 742.80 million), loans (USD 303.48 million) and of equity (USD 207.39 million).
Reliance Industries, Whiteline Consultancy Services, IL&FS Transportation Networks, JSW Steel Ltd, Strides Acrolab Ltd, United Spirits, Manipal Health Enterprises, Cox&Kings.
Sunteck Realty Ltd and Bombay Dyeing were among the major investors who invested their money overseas in August.
Reliance Industries made an investment of USD 70 million in a wholly owned subsidiary (WOS) in the UAE, IL&FS Transportation Networks invested USD 68.69 million in its joint venture in Spain and Strides Acrolab invested a total of USD 63 million in two separate tranches in its wholly owned units in Cyprus and Singapore.
JSW Steel made an investment of USD 54 million in a joint venture (JV) in the US, Whiteline Consultancy USD 66.46 million in a JV in France and Manipal Health Enterprises made commitment of USD 33.12 million in a WOS in Singapore.
Among other major companies, Cox & Kings made a total investment of USD 39.95 million in four different WOS situated in Hong Kong, Singapore and the UK.
United Spirits invested USD 25.36 million in its WOS in British Virgin Islands, Sunteck Realty USD 24.75 million in its WOS in UAE and Bombay Dyeing made an investment of USD 13.86 million in a JV in Indonesia.