India Inc's overseas investment down 21% at $2.3 billion in October

MUMBAI: Direct investments by Indian firms abroad fell 21 per cent to $2.28 billion in October 2015 compared to the same month last year, according to RBI data.

Indian companies had put in $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 $1.24 billion, as per the data.

The investments were a mix of issuance of guarantees ($1.72 billion), loans ($210.94 million) and equity ($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 $753 million in a wholly owned subsidiary (WOS) in Switzerland, Tata Communications invested $210 million in a WOS in Singapore and Infosys Ltd made a combined investment of $106.34 million in two of its wholly owned units in Sweden and Switzerland.

Among others, Sintex Holdings made an investment of $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 $54 million in a fully-owned bio-energy unit in Mauritius.

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

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