India Inc's direct overseas investment increased 8.5 percent year-on-year to $3.34 billion in March 2022, data from the Reserve Bank of India (RBI) showed on April 11. The Indian companies had invested $3.1 billion in their overseas fully-owned subsidiaries (WOSs) and joint ventures in the same month a year ago.

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In the preceding month (February 2022), the outward foreign direct investment was $940.62 million. Of the total amount invested in March 2021-22, $1.31 billion was in the form of issuance of guarantee; $1.2 billion as loan and $866.93 million was infused in the form of equity, as per the RBI data.

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The RBI said the data is provisional and subject to change, based on the reporting by authorised dealer banks. Major investors who infused capital in their overseas ventures included Tata Communications $690 million in Singapore; Jindal Steel and Power $366 million in Mauritius; Wipro $204.96 million in Cyprus; and Jindal Saw $64.50 million in the United Arab Emirates. All of them invested money in their WOS companies.

Restaurant Brand Aisa and Lupin Ltd put in $141.34 million and $131.25 million in their JVs in Indonesia and the US, respectively. While Reliance New Energy invested $87.73 million in WOS in Norway; Mohalla Internet Pvt Ltd pumped $86 million in a fully-owned unit in Mauritius and ONGC Videsh infused $83.31 million in a joint venture in Russia, the data showed.