Reserve Bank of India (RBI) data showed overseas direct investment was driven largely by equity investments. Outward investment stood at $1.61 billion in March this year and $1.97 billion in April 2025.
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Equity flows remained highly concentrated, with the top five companies accounting for about 86% of total investments. Coforge topped the list with two investments totalling $1.371 billion and $994 million, followed by Lupin at $229 million, Wingify Software at $156.8 million, Knack Global at $82.97 million, and Qlar Technology India at $54 million.
There were some mid-sized deals. For instance, TVS Motor Co and Inventurus Knowledge Solutions committed $40 million each, Cipla $35 million, and Fractal Analytics $28 million, along with mid-sized bets by Titan, Man Industries and Sikka Ports in the $20-26 million range.Beyond these, most overseas investments were below $10 million and spread across sectors and geographies.
Other ODI included firms such as Zydus Lifesciences, Carborundum Universal and Hubergroup.