Outward Indian FDI in Jan-Feb 07 exceeds 2006 investments

New Delhi: Indian companies have made foreign direct investments of $23 billion in the first two months of 2007. This exceeds the full year outbound FDI of $21 billion in the 12 months of 2006.

Ajay Dua, secretary, department of industrial policy and promotion, disclosed that SMEs were increasingly resorting to overseas acquisitions to acquire technology and innovation.

Speaking at the national conclave on expansions and consolidations 'towards creating globally competitive enterprises' organised by CII here, Dua said, "A large number of SMEs overseas already have FDI approvals, thus making the process of acquisitions faster,"

He said that India's growth would be influenced by a range of mergers and acquisition in the future, which was not the accepted route to growth earlier.