Indian cos commit $6.8 bn overseas FDI in Apr; nearly $6 mn in Azerbaijan, Turkiye

New Delhi: Four Indian entities committed foreign direct investments 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 foreign direct investment (FDI) stood at about USD 3.59 billion in April 2024 and USD 5.9 billion in March 2025.

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 (RBI) 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 O

2 Power Midco Holdings

PTE in Singapore towards electricity, gas and water. It has also committed USD 60 million through another wholly-owned subsidiary.

State-owned Life Insurance Corporation has committed USD 685.52 million for financial, insurance and business services through a joint venture with LIC Lanka in Sri Lanka.

The RBI data also showed that Samvardhana Motherson International’s financial commitment stood at USD 772 million in Mauritius through its wholly-owned subsidiary MSSL Mauritius Holdings. The FDI is in the form of a guarantee.

Against the backdrop of Turkiye and Azerbaijan condemning India’s recent strikes on terror camps in Pakistan, New Delhi’s trade relations with Ankara and Baku might come under strain. There are calls for a boycott of Turkish goods and tourism from certain quarters.

On Wednesday, the Indian Chamber of Commerce (ICC) supported the boycott calls.

“Several tourism associations and industry bodies have issued statements of solidarity and collective commitment towards prioritising our national interest over commercial goals. The Indian Chamber of Commerce joins these organisations in demanding a boycott of states like Turkiye and Azerbaijan, following their stand against India’s response to terrorism,” said Subhash Goyal, Chairman, Tourism Committee, ICC.

As one of India’s oldest chambers of commerce, Goyal said ICC remains committed to promoting ethical, responsible, and respectful business

and tourism practices while upholding the values of integrity, security, and unity of

our country.