Mumbai: Foreign investment of Indian companies grew 18% to $2.69 billion in March as compared to the year-ago period, according to an RBI data.
The domestic firms made investment of $2.28 billion in their subsidiaries and wholly-owned units abroad during March 2018.
In February 2019, the investment by Indian firms stood at $1.71 billion, the Reserve Bank data on outward foreign direct investment showed.
Of the total investment overseas in March this year, $1.68 billion was in the form of loan, $564.97 million as equity while the rest $443.71 million was in the form of issuance of guarantee.
Major investors included Tata Steel, which pumped $1.15 billion in a subsidiary in Singapore. This was followed by JSW Cement ($82 million in a wholly-owned subsidiary in the UAE) and ONGC Videsh Ltd ($70.37 million in various joint ventures in Myanmar, Russia and Vietnam).