"FDI inflows to South Asia contracted by 4% to US$ 52 billion, owing to a drop in inflows to India" the report said on Wednesday
Foreign Direct Investment (FDI) to India declined to US$ 40 billion in 2017 from US$ 44 billion in the previous year, said UNCTAD'S World Investment Report 2018.
"FDI inflows to South Asia contracted by 4% to US$ 52 billion, owing to a drop in inflows to India" the report said on Wednesday. As per the UNCTAD, the foreign inflows to India decreased from US$ 44 billion in 2016 to US$ 40 billion in 2017. Cross-border M&A sales, however, rose from US$ 8 billion to US$ 23 billion driven by a few large deals in extractive and technology related industries. The report said the Petrol Complex Pte Ltd (Singapore), owned by Rosneftegaz (Russian Federation) acquired a 49% stake of Essar Oil Ltd, the second largest privately owned Indian oil company, for US$ 13 billion.
An investor group including eBay (United States), Microsoft Corporation (United States) and Tencent Holdings (China) acquired a stake in Flipkart Internet for US$ 1.4 billion, and Soft Bank (Japan) acquired a 20% stake in One97 Communications also for US$ 1.4 billion, it added. According to the report, outflows from India, the main source of FDI in South Asia, more than doubled to US$ 11 billion.
India's state-owned oil and gas company ONGC has been actively investing in foreign assets in the recent years.
After acquiring a 26% stake in Vankorneft (Russian Federation) in 2016, it bought a 15% stake in an offshore field in Namibia from Tullow Oil (founded in Ireland and headquartered in the United Kingdom) in 2017. By the end of 2017, ONGC had 39 projects in 18 countries, producing 2,85,000 barrels of oil and oil-equivalent gas per day.
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