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Corporate Oct 8, 2012

Indian Inc investment abroad shrinks by 30% to $1 bn in Sep

Overseas direct investment by Indian companies fell by 30 percent to $1.36 billion in September over the previous month, the Reserve Bank said today.

The domestic firms invested $1.95 billion in August. A total of 406 deals took place during September by the Indian companies to carry out the outward foreign direct investment, according to the data released by RBI.

Reuters

Telecom major Bharti Airtel, JK Cement, Dr Reddy's were among the major investors. Bharti Airtel invested $150.02 million in its wholly- owned venture in Mauritius, which is involved in transport, storage and communication services.

J K Cement made an investment of $104.30 million in its wholly-owned subsidiary in United Arab Emirates, while Tractors and Farm Equipment Ltd invested $65 million in its joint-venture in the US. Drug maker Dr Reddy's Laboratories invested $58.97 million in its wholly-owned company in Cyprus.

Nava Bharat Ventures made an investment of $50 million in Singapore in its wholly-owned subsidiary, which is engaged in manufacturing.

PTI


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