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India pours investment overseas

India Dispatch: Overseas direct investment by Indian firms totalled more than $2 billion last month, with more than 480 investment deals completed.

Overseas direct investment by Indian firms totalled more than US$2 billion (Dh7.34bn) last month.

More than 480 investment deals were completed by Indian companies in October, according to data from the Reserve Bank of India.

These included investments by Reliance Industries, Essar Shipping, Cairn India and Wipro.

"Signalling an increase in global participation and competence, India is profoundly becoming a source of foreign investment for the rest of the world," according to the India Brand Equity Foundation.

"As per the ongoing trend, wherein emerging market economies are under transition, a number of private players, along with state-owned entities, are increasingly expanding their footprints in foreign lands through direct investments with a view to achieve regional and global reach," it added.

"Indian companies are increasingly investing overseas for resource acquisitions, especially to buy energy resources in Australia, Indonesia and Africa."

The Oil & Natural Gas Corporation, India's largest oil explorer, on Monday announced that it had purchased an 8.4 per cent stake in ConocoPhillips's Kashagan project in Kazakhstan. This is the company's biggest foreign acquisition.

business@thenational.ae

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