Investment Abroad Down 2 Per Cent at $2.67 Billion in October: RBI

Investment Abroad Down 2 Per Cent at $2.67 Billion in October: RBI

Mumbai: Direct investments by Indian firms abroad declined by a marginal 2 per cent to $2.67 billion in October 2014, data from the Reserve Bank of India (RBI) showed.

Investments abroad by Indian firms were $2.74 billion in October 2013. In September 2014, Indian companies had invested $3.02 billion in overseas markets.

The investments were a mix of issuance of guarantees ($2.18 billion), loan ($157.33 million) and equity ($335.33 million).

Essar Steel, Indian Hotels Company, UPL Ltd, Tractors and Farm Equipment, Tata Consultancy Services, JSW Steel, Glenmark Pharmaceuticals and Crompton Greaves were among the major investors.

Essar Steel India Ltd invested a total of $658.95 million in its wholly owned unit in Mauritius and one unit in the United Arab Emirates. Indian Hotels Company made an investment of $125 million in a fully-owned company in the US and UPL Ltd invested $110 million in a wholly-owned subsidiary in Mauritius.

Tractors and Farm Equipment Ltd made an investment of $110.41 million in a joint venture in the US, TCS $76.30 million in two separate tranches in the UK and South Africa, while JSW Steel also invested $75.54 million in two separate tranches in its wholly-owned unit in the Netherlands and a joint venture in the US.

Glenmark Pharmaceuticals invested $67.15 million in four separate tranches in wholly-owned units and a joint venture in Egypt, Mexico, Switzerland and the US, and Crompton Greaves invested $69.36 million in a joint venture located in the Netherlands.