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Outward FDI continues y-o-y decline for 16th month: RBI

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Mumbai, Sep 4 (IANS) Investment by Indian companies in their overseas ventures fell year-on-year for 16 months in a row resulting in a cumulative fall of 53 per cent to $25 billion from $54 billion in the year-ago period, as per the Reserve Bank data.

The total investment by domestic companies in their ventures abroad during the last 16 months between April 2017 and July 2018 stood at $25.48 billion, a decline of 53 per cent from $54.18 billion in the year-ago period between April 2016 and July 2017.

The year-on-year declining trend continued for July with Indian companies’ investment in their joint ventures and wholly-owned subsidiaries abroad registering a fall of 36 per cent to $1.39 billion in July 2018 as against $2.17 billion in July 2017.

In June, the investment by Indian companies in their overseas ventures had fallen by 62 per cent year-on-year to $2.07 billion from $5.39 billion, as per the monthly summary on Outward Foreign Direct Investment (OFDI) by the Reserve Bank of India (RBI).

A review of the monthly data on overseas direct investment by the apex bank reflects a continuous decline of year-on-year figures since April 2017 when it had fallen about 44 per cent to $3.15 billion in April 2017 from $5.61 billion in April 2016.

Of the $1.39 billion investment in July by domestic companies in their ventures outside the country, $608.52 million was in the form of equity capital, $406.74 million through loan and $371.86 million as issuance of guarantees.

The major investors in July 2018 were Shree Cement Ltd with an investment of $297.8 million in its wholly-owned subsidiary in United Arab Emirates, Serum International B.V. $187.39 million in Netherlands, JSW Steel $110.8 million in Netherlands, Sterlite Technologies Ltd $66.67 million in Italy, InterGlobe Enterprises Pvt Ltd $54.65 million in United Kingdom and JSW Steel $50.47 million in the United States of America.

–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma

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World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.

Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.

During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.

On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”

Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.

It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.

Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.

Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”

On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”

The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.

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