India Inc's overseas direct investment drops 35% to $1.05 billion in Nov

Mumbai: India Inc's overseas investment fell 35 per cent over the year to $1.05 billion in November, data from the Reserve Bank showed Tuesday.

Indian firms had invested $1.62 billion in their foreign ventures in November 2017.

In October this year, overseas investment by Indian companies stood at $1.96 billion.

Of the total investment in November, $447.52 million was infused as equity, $216.91 million as loan and rest of $384.71 million was in the form of issuance of guarantee, according to the RBI data on Outward Foreign Direct Investment (OFDI).

Among the major investors were Bank of Baroda, which infused $190.39 million in its UK subsidiary Bank of Baroda (UK) Ltd; Vedanta Ltd $(172.50 million in its Mauritius-based wholly owned subsidiary), GMR Airports ($82.37 million in the Netherlands) and Sterling and Wilson ($48.70 million in the UAE).

ONGC Videsh invested a total of $39.50 million in various joint ventures in Myanmar, Russia and Vietnam, as per the data.