India Inc’s abroad direct funding declines 31% to $1.85 bn in February

India Inc’s abroad direct funding declines 31% to $1.85 bn in February

India Inc’s abroad direct funding fell by 31 per cent to USD 1.85 billion in February this yr, the RBI knowledge confirmed.

Home firms made investments of USD 2.66 billion of their abroad subsidiaries and joint-ventures within the year-ago month, February 2020.

Of the full funding made by Indian firms in overseas markets, USD 1.36 billion was within the type of mortgage; USD 297.37 million comprised as fairness funding and the remainder of USD 183.82 million was by the use of issuance of assure, based on the RBI knowledge on outward overseas direct funding (OFDI) – February 2021.

Nevertheless, whole OFDI by home companies in February was increased than that of USD 1.19 billion in January 2021.

Among the many main firms who invested of their abroad ventures throughout the month included Tata Metal (USD 1 billion in its wholly-owned subsidiary in Singapore), and Solar Pharmaceutical Industries — USD 100 million in a three way partnership within the US.

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

JSW Metal made a collective funding of USD 62.85 million in its three WoS/JVs within the Netherlands and the US.

GMM Pfaudler Ltd, which is engaged in pharma gear manufacturing, put in USD 45.33 million in its JV in Luxembourg; the Indian Lodges Firm USD 33 million in Netherlands JV; L&T Hydrocarbon Engineering USD 37.55 million in a JV in Saudi Arabia and Millars Concrete Applied sciences invested USD 34.26 million in Luxembourg three way partnership.

RBI stated the information is provisional and is topic to alter based mostly on on-line reporting by the banks.

(Solely the headline and movie of this report might have been reworked by the Enterprise Normal workers; the remainder of the content material is auto-generated from a syndicated feed.)

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