India's outward FDI jumps 17% to $5.7 billion in July: RBI

Mumbai: Outward foreign direct investment (FDI) from India increased 17% year-on-year to $5.70 billion in July from $4.88 billion a year ago, provisional data released by the Reserve Bank of India (RBI) showed. The number was also higher than $3.14 billion reported in the previous month.

Equity commitments outside India increased sharply to $2.01 billion in July from $776 million in June but were in line with the $2.07 billion reported a year ago. Loans extended to overseas subsidiaries doubled to $876 million in July from $433 million a year ago. Loans were also higher than the $588 million reported in June.

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The RBI said the data is provisional and subject to revision based on final reporting by banks. Outward FDI commitments comprise equity, loans and guarantees, all of which increased during July.

Equity outflows were led by Quest Global Engineering Solutions ($664 million), followed by the $140 million investment by Aster DM Healthcare and Natco Pharma's $108 million outflow. On the loan side, ONGC Videsh's $407 million transfer to its Singaporean subsidiary was the highest during the month. Quest Global issued a $684 million guarantee to its Singaporean subsidiary in July.