Four Indian entities committed foreign direct investments (FDI) worth nearly USD 6 million in Azerbaijan and Turkiye, accounting for a small part of the total USD 6.8 billion overseas investments proposed by Indian companies in April, according to the latest Reserve Bank data. India’s outbound FDI increased by nearly 90 per cent annually to USD 6.8 billion in April, led by Tata Communications, Life Insurance Company and JSW Neo Energy, according to the data. India’s outward FDI stood at about USD 3.59 billion in April 2024 and USD 5.9 billion in March. Among the investments, two Indian entities — Omega Plasto Ltd and Rama Pure Water Pvt Ltd — have committed equity investments in the ‘wholesale, retail trade, restaurants and hotels’ segment in Turkiye through joint ventures, as per the data released by the Reserve Bank of India on Wednesday. Axiro Semiconductor Pvt Ltd has committed funds in Turkiye’s manufacturing space through a wholly-owned subsidiary. Together, the three entities’ total commitment is around USD 0.28 million.
The data showed that Project Aslan has committed an amount of USD 5.6 million in Azerbaijan’s agriculture and mining sectors.
Tata Communications Limited has committed USD 1.12 billion, including a guarantee of little over USD 1 billion and equity of USD 88.77 million, in the Netherlands, the data showed. The investment is being made through a joint venture, Tata Communications Netherlands BV, in transport, storage and communications services.JSW Neo Energy’s financial commitment stood at USD 720.6 million through its wholly-owned subsidiary O2 Power Midco Holdings PTE in Singapore towards electricity, gas and water.