Indian firms foreign investment dips 62% in April

MUMBAI: Direct investments by Indian firms abroad fell by 62 per cent to $2.23 billion in April 2015 compared to that of $5.83 billion in the same month last year.

The investments in April 2015 were a mix of issuance of guarantees ($1.49 billion), loan ($566.80 million) and of equity ($178.45 million), according to the RBI data released today.

Among major Indian companies that invested abroad were Binani Industries ($295.1 million) and Jasper Infotech Pvt, the owner of e-commerce major Snapdeal that invested $248.75 million in a joint venture based in Singapore.

IL&FS Transportation Networks Ltd invested $189.16 million in Singapore and Spain; GMR Airports Ltd $145 million in Mauritius; Oil India Ltd at USD 100.39 in various ventures in the US, Mozambique and the Netherlands.

Also, Tata Consultancy Ltd invested $61.91 million in its wholly-owned units in the UK and Uruguay and The Indian Hotels Co Ltd made an investment of $72.34 million in the US.

In March 2015, Indian firms had invested $2.27 billion in their overseas ventures.