Foreign investment of Indian companies grew 18 per cent to USD 2.69 billion in March as compared to the year-ago period, according to an RBI data. The domestic firms made investment of USD 2.28 billion in their subsidiaries and wholly-owned units abroad during March 2018. In February 2019, the investment by Indian firms stood at USD 1.71 billion, the Reserve Bank data on outward foreign direct investment showed.
Of the total investment overseas in March this year, USD 1.68 billion was in the form of loan, USD 564.97 million as equity while the rest USD 443.71 million was in the form of issuance of guarantee. Major investors included Tata Steel, which pumped USD 1.15 billion in a subsidiary in Singapore. This was followed by JSW Cement (USD 82 million in a wholly-owned subsidiary in the UAE) and ONGC Videsh Ltd (USD 70.37 million in various joint ventures in Myanmar, Russia and Vietnam).
(With inputs from agencies.)