India Inc invests $1.25 billion overseas in August, down 49%

MUMBAI: Overseas direct investments by Indian firms declined 49 per cent year-on-year to $ 1.25 billion in last month, as per RBI data.

Investments abroad had amounted to $ 2.47 billion in August 2013.

As for month-on-month, in July this year the Indian companies had spent $ 1.12 billion in overseas markets.

The investments were a mix of issuance of guarantees ($ 742.80 million), loans ($ 303.48 million) and of equity ($ 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 $ 70 million in a wholly owned subsidiary (WOS) in the UAE, IL&FS Transportation Networks invested $ 68.69 million in its joint venture in Spain and Strides Acrolab invested a total of $ 63 million in two separate tranches in its wholly owned units in Cyprus and Singapore.

JSW Steel made an investment of $ 54 million in a joint venture (JV) in the US, Whiteline Consultancy $ 66.46 million in a JV in France and Manipal Health Enterprises made commitment of $ 33.12 million in a WOS in Singapore.

Among other major companies, Cox & Kings made a total investment of $ 39.95 million in four different WOS situated in Hong Kong, Singapore and the UK.

United Spirits invested $ 25.36 million in its WOS in British Virgin Islands, Sunteck Realty $ 24.75 million in its WOS in UAE and Bombay Dyeing made an investment of $ 13.86 million in a JV in Indonesia.