India Inc's outward foreign direct investment (OFDI) in overseas ventures plunged by 39.29 per cent to $2654.45 million during September 2017 from $4372.47 million in the same month of last year. In august month, OFDI declined by 14.82 per cent to $1339.26 million from $1572.23 million in the same month of last year.
According to the data released by the Reserve Bank of India, of the total investments in foreign ventures by Indian companies overseas, $1,216.48 million was in the form of issuance of guarantees, $ 1,063.02 million as loan and $374.95 million was part of equity investment.
Of all leading investors, Tata Steel put in $858.29 million in a wholly-owned subsidiary (WoS) in Singapore, while TCS invested $356.29 million in WoS unit in the UK and Bharat Petroresources committed a collective $164.60 million in its two fully owned units in the Netherlands and Singapore. The foremost shareholders also include Chemicals, shipping and metal company Sanmar Group International that kept $280 million in a WoS in Switzerland.
Besides, government-owned Gail India invested a combined $101.50 million in the US-based wholly owned company and Myanmar-based joint venture company, while Wipro put $79.52 million in UK-based wholly owned firm.