India Inc's overseas investment halves to $1.15 bn yoy in December

MUMBAI: Direct investment by Indian firms overseas more than halved from a year ago to $1.15 billion in December 2015, Reserve Bank data showed today.

The Indian companies had made an investment of $2.61 billion in December 2014.

In November 2015, the figure stood at $2 billion.

The investments were a mix of issuance of guarantees ($663.56 million), loan ($219.96 million) and equity ($261.76 million).

The major investors overseas in December include Emcure Pharmaceuticals with a combined investment of $102.45 million in Canadian and Nigerian wholly owned units ( WOS).

The other investments include Gail India $114 million in a WOS in the US, Essar Steel India $58.92 million in a UAE-based WOS, $55.6 million by Hasham Traders PI International Holdings in the US-based wholly-owned subsidiary.