India Inc's foreign investment doubles to $3.02 billion in September

MUMBAI: India Inc's overseas direct investment in September 2014 more than doubled from a year ago period to $3.02 billion, the Reserve Bank data showed.

Total investment abroad by Indian firms were at $1.43 billion in September 2013.

In the previous month August, the Indian companies had undertaken investments of $1.25 billion in overseas markets.

The investments were a mix of issuance of guarantees ($2.53 billion), loan ($257.60 million) and of equity ($232.59 million).

Tata Steel, KBC International, Glenmark Pharmaceuticals, Videcon Industries, and Mercator were among the major investors overseas during the month.

Tata Steel invested $1.88 billion in its wholly-owned unit in Singapore and Mercator made an investment of $45 million in its joint venture in Singapore.

Videocon Industries made an investment of $22.06 million in a wholly owned unit in the Cayman Island, and KEC International $81.3 million in a wholly unit in Mauritius.

Glenmark Pharmaceuticals invested a total of $27.12 million in five separate tranches in its joint ventures and wholly owned subsidiaries in Egypt, Mexico, Nigeria, Venezuela and Switzerland.