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India Inc's overseas direct investment jumps two-fold to $2.8 bn

India Inc's overseas direct investment jumps two-fold to $2.8 bn

Of the total investment during June 2021, $1.17 billion was in the form of issuance of guarantee, $1.21 billion was given as loan, while the equity investment stood at $426.84 million

The RBI said the data is provisional and subject to change on online based reporting by the authorised dealer banks The RBI said the data is provisional and subject to change on online based reporting by the authorised dealer banks

The overseas direct investment of domestic companies more than doubled to $2.80 billion in June this year, according to RBI data.

India Inc had invested $1.39 billion in overseas ventures in the year-ago month. However, on a month-on-month basis, the investment was lower by over 58 per cent from $6.71 billion in May 2021, as per the RBI data on outward investments by Indian firms.

Of the total investment during June 2021, $1.17 billion was in the form of issuance of guarantee, $.21 billion was given as loan, while the equity investment stood at $426.84 million.

Among the major investors included Tata Steel $1 billion in a wholly owned subsidiary in Singapore; Wipro $787.5 million in a wholly owned unit in the US; and Tata Power $131.25 million in a fully owned unit in Mauritius.

Reliance Industries invested $56 million in agriculture and mining based WOS in Singapore; Interglobe Enterprises invested $51.5 million in a joint venture in the UK; ONGC Videsh Ltd $48.31 million in a JV in Mozambique and Paharpur Cooling Towers $48 million in a wholly owned subsidiary in Singapore.

Among others were Tata Communications' $50 million in WOS in Singapore; ONGC Videsh invested $48.70 million in a JV in Russia; and WNS Global Services invested $45 million in a JV in the Netherlands.

The RBI said the data is provisional and subject to change on online based reporting by the authorised dealer banks.

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