Outward FDI halved in March 2021
According to the data released by Reserve Bank of India (RBI), outward foreign direct investment (OFDI) during March 2021 stood at US$ 1.93 billion, witnessing a 50% year on year (yoy) contraction. In February 2021, OFDI was approximately the same at US$ 1.95 billion.
Out of the total OFDI during March, US$ 1.15 billion were invested in the form of issuance of guarantees. Rest of the amount was invested as loans and equity capital. Some major investors during the month were Bharti Airtel Ltd with investment of US$ 750 million in a wholly owned unit in Mauritius; Lupin Ltd US$ 250 million in a JV in the US, SRF Ltd US$ 83.83 million in a wholly owned subsidiary (WoS) in the Netherlands.
Other than this, Mahindra & Mahindra made an investment of US$ 84.52 million in its WoS in Mauritius while Indian Hotels Co Ltd invested US$ 59.59 million in WoS in Netherlands.