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Wipro invested $787.5 million in a wholly-owned unit in the US

India Inc’s overseas direct investment in June doubles at $2.8 bn

Bengaluru, NFAPost: As per RBI data, India’s leading IT services firm Wipro became the second-biggest overseas investor by betting $787.5 million in a wholly-owned unit in the US,

The apex bank’s statistics states that the overseas direct investment of domestic companies more than doubled to 2.80 billion in June this year. India Inc had invested $1.39 billion in overseas ventures in the year-ago month.

But it is interesting to observe that on a month-on-month basis the investment was lower by over 58% from $6.71 billion in May 2021.

RBI data points out of that the total outward investments by Indian firms during June 2021, $1.17 billion was in the form of issuance of guarantee, $1.21 billion was given as loan, while the equity investment stood at $426.84 million.

Among the major investors included Tata Steel $1 billion in a wholly-owned subsidiary in Singapore and Tata Power $131.25 million in a fully-owned unit in Mauritius.

Reliance Industries invested $56 million in agriculture and mining-based WOS in Singapore; Interglobe Enterprises invested $51.5 million in a joint venture in the UK; ONGC Videsh Ltd $48.31 million in a JV in Mozambique and Paharpur Cooling Towers $48 million in a wholly owned subsidiary in Singapore.

Among others were Tata Communications’ $50 million in WOS in Singapore; ONGC Videsh invested $48.70 million in a JV in Russia; and WNS Global Services invested $45 million in a JV in the Netherlands.

The RBI said the data is provisional and subject to change on online-based reporting by the authorised dealer banks.

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