India Inc's overseas direct investment declines 31% to $1.85 billion in February

Among the major companies who invested in their overseas ventures during the month included Tata Steel and Sun Pharmaceutical Industries

Tata Steel invested $1 billion in its wholly-owned subsidiary in Singapore in February.

India Inc's overseas direct investment fell by 31% to $1.85 billion in February this year, the RBI data showed.

Domestic companies made investments of $2.66 billion in their overseas subsidiaries and joint-ventures in the year-ago month, February 2020.

Of the total investment made by Indian companies in foreign markets, $1.36 billion was in the form of loan; $297.37 million comprised as equity investment and the rest of $183.82 million was by way of issuance of guarantee, according to the RBI data on outward foreign direct investment (OFDI) - February 2021.

However, total OFDI by domestic firms in February was higher than that of $1.19 billion in January 2021.

Among the major companies who invested in their overseas ventures during the month included Tata Steel ($1 billion in its wholly-owned subsidiary in Singapore), and Sun Pharmaceutical Industries -- $100 million in a joint venture in the U.S..

ONGC Videsh Ltd invested a total of $96.15 million in various joint ventures/wholly owned subsidiaries in Russia, Mozambique, Myanmar, Sudan, Colombia, Vietnam and Azerbaijan.

JSW Steel made a collective investment of $62.85 million in its three WoS/JVs in the Netherlands and the U.S..

GMM Pfaudler Ltd, which is engaged in pharma equipment manufacturing, put in $45.33 million in its JV in Luxembourg; the Indian Hotels Company $33 million in Netherlands JV; L&T Hydrocarbon Engineering $37.55 million in a JV in Saudi Arabia and Millars Concrete Technologies invested $34.26 million in Luxembourg joint venture.

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