India's outward FDI jumps 17% to $5.7 bn in July

India's outward foreign direct investment (FDI) surged by 17% year-on-year to $5.70 billion in July 2022, according to provisional data released by the Reserve Bank of India (RBI). This marked an increase from $4.88 billion in the same month last year and was also higher than the $3.14 billion reported in June.

The bulk of the increase came from equity commitments, which jumped sharply to $2.01 billion in July, up from $776 million in June. However, this was in line with the $2.07 billion reported a year ago.

In terms of loans, the figure doubled to $876 million in July compared to $433 million a year ago. This was also a significant jump from the $588 million reported in June.

The RBI stated that the data is provisional and may be revised based on final reporting by banks. Outward FDI commitments, which include equity, loans, and guarantees, all saw an increase during July.

The equities outflows were primarily driven by Quest Global Engineering Solutions, which reported an outflow of $664 million. Aster DM Healthcare led with an investment of $140 million, while Natco Pharma reported an outflow of $108 million. On the loan side, ONGC Videsh transferred $407 million to its Singaporean subsidiary, which was the highest figure during the month. Quest Global also issued a $684 million guarantee to its Singaporean subsidiary in July.