INDIAN FIRMS INVEST $1.29 B OVERSEAS.
MUMBAI -- Indian companies invested USD 1.29 billion in overseas units and joint ventures in September, data from the Reserve Bank of India showed last week.
Companies had invested USD 1.94 billion overseas in August.
Alok Industries, Simplex Infrastructures, Tata Petrodyne, Cadilla Healthcare, Piramal Enterprises, Mercator and Bharti Airtel were among the major investors last month. Alok Industries invested USD 165.22 million in two tranches in wholly owned units in the United Arab Emirates and the US. The companies are into wholesale and retail trade, restaurants, hotels and manufacturing businesses.
Simplex Infrastructures invested USD 75 million in its construction joint venture in Oman and Tata Petrodyne made an investment of USD 69 million in its wholly owned business in the Netherlands, which is engaged in agriculture and mining. Cadilla Health Care invested USD 55.64 million in its wholly owned company in Ireland. Tata Power invested USD 36.89 million in two separate wholly owned units based in Mauritius and Singapore.
Pharma company Piramal Enterprises made an investment of USD 48.41 million in a wholly owned unit in Switzerland and a joint venture in the US. Mercator invested USD 40.75 million in a wholly owned company in Singapore while telecom major Bharti Airtel invested USD 38.5 million in a wholly owned company in Mauritius.