Outward foreign direct investment (FDI) by Indian companies slumped over 8 per cent to $2.05 billion in December 2021, according to data released by Reserve Bank of India (RBI).
Domestic companies invested $2.23 billion in their overseas joint ventures and fully-owned subsidiaries during December 2020.
Out of the overall investment made by Indian entities overseas during the month, $1.22 billion was in the form of issuance of guarantees, $464.39 million was equity participation and $367.17 million investment was made through loans, the RBI data said.
Major investors who infused capital in their overseas ventures included ANI Technologies – the promoter of mobility solutions provider Ola – which invested $675 million in its wholly-owned subsidiary in Singapore and Dr Reddy’s investment of $149.99 million in a joint-venture in the US.
Reliance New Energy Solar Limited invested $168.60 million in a joint venture and wholly-owned subsidiary in Germany and Norway, while state-owned GAIL put in $70.17 million in a joint-venture and a wholly-owned unit in Myanmar and the US.
Another Maharatna company ONGC invested $74.15 million in five different ventures in various countries during the month, as per RBI data.