According to banking data, India Inc's overseas direct investment fell by 31% to USD 1.85 billion in February this year.
Domestic companies made investments of USD 2.66 billion in their overseas subsidiaries and joint-ventures in the year-ago month, February 2020, the Reserve Bank of India reported.
Of the total investment made by Indian companies in foreign markets, USD 1.36 billion was in the form of loans; USD 297.37 million comprised as equity investment and the rest of USD 183.82 million was by way of issuance of guarantees, 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 USD 1.19 billion in January 2021.
Among the major companies who invested in their overseas ventures during the month included Tata Steel (USD 1 billion in its wholly-owned subsidiary in Singapore), and Sun Pharmaceutical Industries — USD 100 million in a joint venture in the US.
ONGC Videsh Ltd invested a total of USD 96.15 million in various joint ventures/wholly-owned subsidiaries in Russia, Mozambique, Myanmar, Sudan, Colombia, Vietnam and Azerbaijan.
RBI said the data is provisional and is subject to change based on online reporting by the banks.
