Coforge's $2.36 Billion Investment Doubles India Inc's Overseas Equity Bets in April: RBI
Indian Overseas Direct Investment Doubles in April
The Reserve Bank of India (RBI) reported on Thursday that overseas direct investment (ODI) by Indian companies more than doubled in April to $3.369 billion, a significant increase from the previous month. This surge in ODI occurred despite ongoing geopolitical tensions in the Middle East and a sharp depreciation of the rupee.
According to official data, the ODI for March stood at $1.613 billion, while in the year-ago period it was $1.969 billion in April 2025. The RBI attributed the increase in ODI to the IT company Coforge, which played a pivotal role in the jump.
In April 2026, the top five companies accounted for approximately 86% of overseas direct investments in equities, led by two Coforge bets totaling $1.371 billion and $994 million. The other top companies were Lupin at $229 million, Wingify Software at $156.8 million, Knack Global at $82.97 million, and Qlar Technology India at $54.07 million.
Total financial commitments, including debt and guarantees issued, increased by 11% month-on-month in April to $5.644 billion, up from $5.085 billion a month ago. However, on a year-on-year basis, total financial commitments fell by 10.81% from $6.329 billion in April 2025.
The rise in total financial commitments in April was primarily driven by a sharp surge in equity commitments. In contrast, loans and guarantees saw a decline over the previous month. Specifically, loan commitments stood at $517.75 million in April 2026, down from $770.68 million in March and $1.121 billion in April 2025.
The following table highlights the year-on-year comparison of total financial commitments:
| Month | Total Financial Commitments ($ billion) |
|---|---|
| April 2025 | $6.329 billion |
| April 2026 | $5.644 billion |
| Year-on-Year Change | -10.81% |
Guarantees issued also saw a decline in April, standing at $1.758 billion, as compared to $2.701 billion in March and $3.239 billion in April 2025.
Investor Takeaway
Investors should be aware of the increased overseas equity bets by Indian companies, particularly in the IT sector.
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