FDI outflows in July at $2.69 bn

Overseas investments by Indian companies in July was USD 2.69 billion, with Tata Steel, Crompton Greaves and Glenmark, among the leader players committing investments abroad.

The FDI outflows last month is almost half of USD 5.47 billion outflow in June.

According to an RBI data released today, as many as 289 overseas investment transactions were carried out by various companies last month, with Sanmar Group International leading the pack.

It has committed USD 67.65 million in its Switzerland based wholly-owned subsidiary (WoS) -- Sanmar Group AG -- engaged in financial, insurance, real estate and business services.

Tata Steel has committed USD 54.63 million in its Singapore based WoS. The subsidiary, Tata Steel Asia Holdings Pte, is also engaged in financial, insurance, real estate and business services, the data said.

Crompton Greaves investments in its WoS based in Mauritius amounted to USD 43.19 million. The WoS is engaged in similar business as that of Tata's in Mauritius and Sanmar Group's WoS in Switzerland.

As per the data, Glenmark Pharmaceuticals has committed an investment of USD 55.47 million in July its Switzerland based manufacturing WoS -- Glenmark Holdings SA.

In the first four months of this fiscal (April-July), outward FDI stood at USD 13.26 billion.

While Indian companies are spreading their overseas footprints, the FDI inflows in the April-May (latest data available), too, went up by a huge 77% to USD 7.78 billion from USD 4.39 billion in the corresponding period last year.