Overseas Investment by Indian firms dropped down by over 42 percent to $1.45 billion in December 2020, according to Reserve Bank data.
In the previous year, companies in India had invested $2.51 billion in their foreign firms. The Outward Foreign Direct Investment(OFDI) was $1.06 billion, a downfall of 27 percent from a month ago period.
The total FDI by Indian firms during December, $775.41 million was in the form of equity infusion and $382.91 million was in the form of a loan.
ONGC Videsh Ltd. invested $131.85 million in joint ventures and wholly-owned subsidiaries in Myanmar, Russia, Vietnam, Colombia, the British Virgin Islands among others.