Offshore investment by Indian companies eases in December from November

MUMBAI: Overseas direct investment by Indian companies fell by nearly 37 per cent to $1.58 billion in December 2013 from the same month a year ago, as per the Reserve Bank data released today.

In December 2012, the overseas direct investment by the domestic firms stood at $2.50 billion and in November 2013, it was $2.28 billion.

Maharashtra Seamless, Tata Communications, Bharti Airtel, and Piramal Enterprises were among the major investors to put money in their overseas ventures during the month.

Maharashtra Seamless invested $145 million in its wholly-owned unit in Singapore and Mahindra & Mahindra invested $140 million in its wholly owned entity in Mauritius.

Tata Communications made an investment of $132.85 million in its wholly-owned venture in Singapore, while Shapoorji Pallonli & Company made an investment of $128.95 million in its joint-venture in the UAE.

Telecommunications company Bharti Airtel Ltd made a total investment of $91.71 million in two separate tranches in its wholly owned unit in Mauritius and a joint-venture in the Netherlands.

Piramal Enterprises made an investment of $62.44 million in a joint-venture in the US, and $59.24 million in a wholly owned company in Switzerland.