India Inc’s investment in their overseas ventures dropped by 59 per cent on an annual basis to $1.03 billion in August this year, data from Reserve Bank showed on Friday. The RBI data on Outward Foreign Direct Investment (OFDI) for August 2022 showed that the total financial commitment by the domestic firms was worth $1,027.67 million in August 2022-23. In the same month of 2021-22, it stood at $2,500.97 million ($2.5 billion). In the preceding month of July 2022, Indian businesses’ overseas financial investment was $1,116.69 million ($1.12 billion).
Of the total investment during August this fiscal, the highest was in the form of equity infusion at $585.65 million. While $266.63 million was infused by way of issuance of guarantees, the rest $175.39 million was through loans. The RBI said the data is provisional and subject to change based on online reporting by authorised dealer (AD) banks.
Among the major investors, Lenskart Solutions infused equity worth $319.99 million in its wholly-owned subsidiary in Singapore, while Glenmark Pharmaceuticals invested $100 million in a fully-owned subsidiary in Switzerland through guarantee issuance. Hasham Traders Data Stax Inc loaned $54.69 million to a joint venture in the US and CitiusTech Healthcare invested $30 million in a fully-owned unit in the US through guarantees. Adani Ports and Special Economic Zone invested $25.58 million through a mix of loan and guarantee issuance in a wholly-owned unit in Singapore, the RBI data showed.
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