Indian companies’ foreign direct investment (FDI) in March in their overseas ventures more than doubled to $2.99 billion, according to data released by the Reserve Bank of India (RBI) on Tuesday.
During the same month last year, Indian firms had invested a total of $1.42 billion into their overseas joint ventures or subsidiaries.
The March 2017 overseas investments were much higher than those in February at $867.53 million, the RBI said.
These investments came in the form of equities totalling $1.99 billion, loans of $742.60 million and issue of guarantees worth $251.40 million.
The major investors include Bharti AirtelBSE -0.07 % with $765.20 million, Tata International at $179.22 million, and state-run ONGC Videsh investing $75.49 million.
Among countries, Mauritius expectedly topped the list with an amount of $1.3 billion, while Singapore came third with $599 million, as these two countries are used by companies from across the world to route investments.
