Foreign direct investment (FDI) by Indian companies in their overseas ventures jumped over two- fold to USD 2.99 billion last month.
Indian firms had made investments of USD 1.42 billion in their overseas joint-ventures/subsidiaries in March 2016.
Investments in March this year were much higher than the preceding month, February, at USD 867.53 million, the Reserve Bank data showed today.
Their investment came in the form of equities USD 1.99 billion, loans of USD 742.60 million and issuance of guarantee worth USD 251.40 million.
Among major investors include Bharti Airtel with Ltd USD 765.20 million and Tata International Ltd, USD 179.22 million. ONGC Videsh Ltd invested USD 75.49 million and WNS Global Services USD 53.78 million.