67% drop in outward FDI

Mumbai: India Inc's direct overseas investment declined 67 per cent to $753.61 million in February this year, the Reserve Bank of India (RBI) data showed on Thursday.

The domestic investors had invested over $2.28 billion in overseas ventures as part of the outward foreign direct investment (OFDI) in February 2021. Of the total invested amount during the last month, $237.84 million was in the form of equity infusion, $230.06 million as loan and $285.72 million by way of issuance of guarantees, showed the RBI data on OFDI February 2022.

Comparing month-on-month, the investment fell 56 per cent from $1.71 billion in January 2022. Among the major investors were: ONGC Videsh Ltd $47 million in a joint venture in Russia; Madhurima International $40.91 million in a JV in the US; Titan Company $29.5 million in a WoS in UAE; Imagine Marketing $26.06 million in a wholly-owned subsidiary in Singapore and KEC International $15.99 million in a JV in Saudi Arabia.