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India Inc’s foreign direct investment doubled to $2.8 billion in June

According to RBI data, foreign direct investment by domestic companies more than doubled to $2.80 billion in June this year.

India Inc had invested $1.39 billion in overseas ventures in the same month a year ago.

However, according to RBI data on external investments by Indian firms, on a month-on-month basis, investments were down more than 58 per cent from USD 6.71 billion in May 2021.

Of the total investment during June 2021, USD 1.17 billion was in the form of issuance of guarantees, USD 1.21 billion was given in the form of debt, while equity investment was USD 426.84 million.

Major investors include Tata Steel in a wholly owned subsidiary in Singapore for USD 1 billion; USD 787.5 million in a wholly owned entity in Wipro US; and Tata Power for USD 131.25 million in a wholly owned entity in Mauritius.

Reliance Industries invests USD 56 million in agriculture and mining based WOS in Singapore; InterGlobe Enterprises invests USD 51.5 million in a joint venture in the UK; ONGC Videsh Ltd. USD 48.31 million in a joint venture in Mozambique and USD 48 million in a wholly owned subsidiary Paharpur Cooling Towers in Singapore.

Others include Tata Communications’ US$50 million stake in WOS in Singapore; ONGC Videsh invests USD 48.70 million in a joint venture in Russia; and WNS Global Services invested USD 45 million in a joint venture in the Netherlands.

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

(Only the title and image in this report may have been reworked by Business Standard staff; the rest of the content is generated automatically from a syndicated feed.)

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