India Inc overseas direct investment dip 29% to $2 billion in October

Indian firms made direct investment of $2.11 billion in October, down 39.34% from a year earlier, Reserve Bank data showed.

The overseas direct investment by the local firms stood at $3.47 billion in October 2015. For month-on-month comparison, the Indian firms had made an investment of $2.48 billion in September 2016.

The investments in October were comprised of equity worth $1.51 billion, loan of $187.96 million and rest of $407.43 million were in the form of guarantee issued.

The major investments made overseas by the Indian firms included $622.01 million by Indian Oil Corporation in is wholly-owned subsidiaries in the Netherlands and Singapore. Tata Communications invested $165.86 million in a fully owned unit in Singapore while Fortis Healthcare put in $133.63 million in a joint-venture firm in Mauritius.

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