Development Cooperation,Foreign Direct Investments,ONGC Videsh

Indian investments in Africa: Scale, trends, and policy recommendations

Indian investments in Africa, from both public and private sector entities, have increased considerably in the last decade. Yet despite the growing importance of Indian investments in Africa, only a few empirical studies have been carried out on the subject. This paper undertakes a disaggregated analysis of Indian foreign direct investment outflows to Africa from 2008 to 2016, and presents three main findings. First, it confirms earlier analyses that the bulk of Indian investments in Africa are directed to Mauritius, a tax haven. Second, energy security is the main pull factor behind public sector investment in Africa, and among the leading investors are Indian public sector oil and gas companies like ONGC Videsh, Gujarat State Petroleum Corporation, and Oil India Limited. Third, the Indian private sector has also invested in a range of non-energy sectors, including manufacturing. India’s private sector also has the potential to play an important role in India’s development cooperation efforts in Africa. This paper finds, however, that the correlation between India’s development cooperative initiatives and investments in Africa is currently weak. It recommends the establishment of an institutional vehicle to promote Indian investments in Africa.

Africa, India, Indian foreign direct investments, FDI, ORF
Source: World Bank


Historically, the foundations of India’s relations with Africa were built upon movements against colonialism and racial discrimination. India also supported development initiatives in African countries under the banner of South-South Cooperation. But trade and investment relations between India and Africa were limited during the 1960s and ‘70s. Some large Indian companies did invest in East African countries even in the 1960s when domestic policies were highly restrictive in releasing the foreign exchange necessary for domestic companies to invest abroad. The Birla Group was the first Indian company to invest in Ethiopia in 1956. In 1969, the Birla Group also entered into a joint venture, Pan-Paper, with the Kenyan government and the World Bank. However, investments in that era were typically led by a handful of large Indian firms and were also considerably smaller in magnitude compared to contemporary flows. Most studies suggest that the domestic companies which ventured abroad during this period did so, to either defend the market for their export products or to avoid the anti-monopoly legislation’s restrictions on their domestic activities.[i]

Indian investments in Africa have increased remarkably in the last two decades. The reason behind the growth of Indian investments in Africa can be traced to a number of developments in both sides. First, as a capital-scarce country with limited foreign exchange resources, India was highly restrictive in releasing the foreign exchange necessary for Indian firms to invest abroad. With the economic reforms of the 1990s, the rules and procedures for outward investments were gradually liberalised. By 2003, the overall investment ceiling on outward Indian investment was abolished and Indian companies were practically free to invest abroad. Second, with higher growth rates, India’s energy requirements also increased dramatically. As a result, energy security concerns took centre stage of India’s foreign policy discourse. Diversification of energy suppliers and investment in oil and gas ventures abroad became important objectives of India’s foreign policy.[ii] To facilitate the acquisition of energy assets abroad, Oil and Natural Gas Corporation-Videsh Limited (OVL) was established in 1996.

Significant changes took place within Africa as well. Once described as a ‘hopeless continent’, Africa entered a phase of high growth in the 2000s. Sub-Saharan Africa’s gross domestic product (GDP) in constant 2010 prices grew at six percent per annum from 2000 to 2010 as compared to two percent and one percent, respectively, in the two previous decades (Figure 1). Several African countries such as Ethiopia, Kenya, Rwanda, Democratic Republic of Congo, and Angola experienced an economic turnaround in the 2000s. The African continent emerged as an attractive investment destination on account of the high rate of growth experienced by many countries, the growth of a middle-class, as well as resource abundance, particularly energy resources. In 2016, Africa received FDI inflows worth US$ 54.1 billion.[iii] Its importance in the world energy market grew as instability in the Gulf region prompted many countries to turn towards Africa. Moreover, technological advances made it easier to extract Africa’s offshore oil reserves, and because African crude is lighter, sweeter, and lower in sulphur content, it was cheaper to refine than crude from the middle-east.[iv]

Figure 1: Sub-Saharan Africa’s GDP (in constant 2010 US$ million) from 1960 to 2015

Source: World Development Indicators,

According to the World Investment Report 2016, India was the eighth largest investor in Africa in 2014.[v] Both Indian public and private sector companies have made significant inroads in Africa. For instance, the Oil and Natural Gas Corporation’s overseas division, ONGC Videsh (OVL), is one of the most active Indian companies in Africa. On the other hand, private corporations like Reliance, Varun Beverages, Bharti Airtel, Essar Group, and the TATA Group have also made huge investments in many African countries. In addition, there are a multitude of small and medium Indian enterprises operating in Africa.

TATA, Senegal, Indian foreign direct investments, FDI, ORF
Public bus by Indian group Tata in Dakar | Source: Flickr user BobbiLe Ndiaye

The remarkable growth of Indian investments in Africa has caught widespread attention. It is quite common to come across news headlines such as ‘Africa is the next big frontier for Indian companies’, ‘A marriage made in heaven? Indian companies in Africa’, and ‘India’s investment in Africa: Feeding up an ambitious elephant’. But the subject of Indian investments in Africa has not been accorded enough scholarly scrutiny. There are only a few empirical studies on the subject, and these, at best, provide an overview. Some of these studies focus only on Indian investments in the energy sector. CII/WTO (2013) was one of the earliest studies on India-Africa trade and investment relations but it is outdated as it mainly relies on Indian overseas investment data from the Ministry of Finance up to 2008-09 although it lists ‘big ticket’ Indian investments up to 2012.[vi] Prahalathan et al (2014), on the other hand, provide a comprehensive analysis of Indian overseas direct investment to all regions and sectors.[vii] Meanwhile, Sinate et al (2013) provide a detailed account of Indian investments in West African countries,[viii] Alden and Verma (2015) focus on Indian investments in Africa’s resource and infrastructure sector,[ix] and Lucey et al (2015) underscore the importance of the private sector in furthering India-Africa relations using investment figures for only up to 2008-09.[x]

There are wide variations in the reported investment figures in many of these studies. For instance, the total value of Indian investments in Africa is unclear from the literature, with the International Monetary Fund (IMF) putting the total stock value at US$ 14.1 billion in 2011 and others at over US$ 35 billion.[xi] Thus, an up-to-date disaggregated study of Indian investments in Africa across all sectors is missing. The objective of this study is to fill this critical research gap by analysing firm-level data on Indian overseas investments to African countries across all sectors. Section II of the paper studies the relationship between Indian investments and India’s development cooperation initiatives in Africa and highlights the need for better coordination between India’s commercial interests and its development cooperation. Section III concludes. Appendix A and B give details of Indian FDI flows to major African countries.

The data sources for the study are as follows. Data on FDI outflows by Indian firms to African countries from 2008 to 2016 were obtained from the Reserve Bank of India’s FDI database ( Data on India’s lines of credit to African countries were obtained from EXIM Bank ( ).

I. Indian investments in Africa: Key Stylised Facts

Figure 2: Share of Africa in total Indian FDI flows (2008-2016)

Source: Author’s estimates based on RBI data on Indian ODI
  • Mauritius: the Most Favoured Destination for Indian investments

The total Indian foreign direct investment (FDI) outflows from India to the world from 2008 to 2016 are estimated at US$ 250.9 billion. Receiving investments of US$ 52.6 billion, the African continent accounts for about 21 percent of the total Indian investment outflows during that period (Figure 2). Indian FDI outflows to Africa grew from US$ 3.2 billion in 2008 to US$ 4.9 billion in 2016 (Figure 3). As is clear from the figure, there are two peaks in the graph—in 2010 and 2014. There was a fivefold increase in FDI outflows to Mauritius from US$ 2.7 billion in 2009 to US$ 11.6 billion in 2010. The peak in 2014 is due to OVL’s investment in Mozambique’s oil and gas sector (which will be discussed further in latter sections of this paper).

India’s FDI flows to Africa are concentrated in Mauritius, which accounts for about 19 percent of Indian FDI flows to the world (Figure 2). From 2008 to 2016, Indian FDI outflows to Mauritius totalled US$ 47.6 billion. Only US$ 5 billion went to the rest of Africa which represents only two percent of global Indian FDI and 9.6 percent of Indian FDI flows to Africa. A large share of Indian FDI to Mauritius is ‘round-tripped’ back to India due to its tax haven status facilitated by the double taxation avoidance agreement with India. Therefore, for an accurate picture of Indian investments in Africa, Mauritius has been excluded from the analysis in the rest of the paper.

Figure 3: Indian FDI outflows to Africa, 2008 to 2016 (in US$ billion)

Source: Author’s estimates from Reserve Bank of India Database
  • Dominance of a few large Indian firms in Africa

Although 597 Indian companies invested in Africa over 2008-2016, totalling US$ 5 billion, the top 11 companies account for about 80 percent of the total Indian investment flows to Africa. Indian outward investment to Africa is thus heavily concentrated within a few large firms. OVL occupies the top spot with investments worth US$ 3,019.1 million (59.8 percent) followed by Gujarat State Petroleum Corporation (6.3 percent), Interlabels Industries (2.4 percent), Oil India Limited (2.1 percent), and Coromandel (1.9 percent)—at US$ 319.7 million, US$ 121.4 million, US$ 105.4 million, and US$ 97.5 million, respectively (Figure 4). It is noteworthy that these figures exclude the investments of Indian companies in Mauritius. Further, it is interesting that these large Indian firms have not expanded across the continent and their investments are concentrated in a few countries. Table 1 shows that with the exception of OVL which has investments in six African countries—Congo, Egypt, Ivory Coast, Libya, Mozambique, and Sudan—all the major Indian companies have established their presence in only one or two African countries. This confirms Prahalathan’s assertion that overseas investment activities of Indian companies are motivated essentially by a set of firm-specific objectives.[xii]

Figure 4: Major Indian investors in Africa from 2008 to 2016 (figures in US$ million)

Source: Author’s estimates from Reserve Bank of India Data

 Note: Figures for Indian investment in Mauritius not included here

 Table 1: Geographical spread of major Indian companies in Africa

Company NameAfrican countries where it has presence
ONGC VideshCongo, Egypt, Ivory Coast, Libya, Mozambique and Sudan
Gujarat State Petroleum CorporationEgypt
Interlabels IndustriesKenya
Oil India LimitedGabon, Libya, Nigeria
Indian hotels CompanySouth Africa
Gujarat State Fertiliser CorporationTunisia
Varun BeveragesMorocco
Tata steelSouth Africa
Tata InternationalSouth Africa
Tata PowerZambia


  • High levels of geographic concentration of Indian investments in Africa

Figure 5: Geographical composition of Indian investment in Africa (2008-16)

Source: Author’s estimates from RBI Data

Note: The above figure does not include Mauritius

With a share of 63 percent and 22 percent, respectively, the East and North African regions attract most of the investments from India (Figure 5). The share of South and West Africa was nine percent and five percent, respectively. Middle African countries such as Central African Republic, Chad, Congo, and Gabon attracted little investment from India. Table 2 shows the top ten recipients from 2008 to 2016. Together, these countries account for over 90 percent of Indian outward investment flows to Africa. The following paragraphs provide a brief description of Indian investment flows in each of these countries.

Table 2: Top ten African destinations for Indian overseas direct investment (2008-16), in million US$

200820092010201120122013201420152016TotalShare (%)Main sectors in which India has invested
Mozambique5.,648.81.74.12,666.952.9Oil and gas, coal
Egypt423.87.513.524.062.740.814.49.36.8602.912.0Oil and gas, solar, pharmaceuticals
South Africa29.084.729.523.6137.018.927.663.928.3442.58.8Hotels, Steel, Information technology, and FMCG
Libya24.512.952.53.50.627.47.40.1128.82.6Oil and gas
Sudan55.516. and gas
Sub Total666.6127.4114.2100.1218.3218.32,853.8192.7118.14,609.5
All Africa*731.5198.7165.7145.6259.3266.82,828.7224.1220.15,040.5
Share (%)91646969848298869191

Source: Author’s estimates from Reserve Bank of India’s Database

*Excluding Mauritius


As mentioned earlier, if Mauritius is disregarded, then Mozambique is the leading destination for Indian FDI in Africa with a share of about 52.9 percent. The total value of Indian FDI outflows to Mozambique from 2008 to 2016 was US$ 2.6 billion. But its top position is accounted for by one very large investment by Indian state-owned company, OVL, which represents nearly 99 percent of Indian FDI in Mozambique. In 2014, OVL purchased a 10-percent participating interest in Area 1 of the Rovuma gas field, which is estimated to hold about 70 trillion cubic feet of gas, for a price of US$ 2.6 billion. Area 1 is strategically located to supply LNG to the Indian market. A final investment decision on the Mozambique LNG project is expected between April and June 2018 and the project is likely to commence operations in 2022-23, after a four-year construction period.[xiii] Coal India Limited, an Indian public sector company, is another active Indian company in Mozambique. Most of the investments by Coal India in Mozambique are routed through Coal India Africana Limitada (CIAL), a wholly owned subsidiary of Coal India. Between 2008 and 2016, CIAL invested about US$ 5.1 million in Mozambique. Thus, almost all of Indian investment in Mozambique is concentrated in the energy sector. However, not all Indian investments in the energy sector have been equally successful. CIAL, for example, had to ultimately surrender its coal blocks after failing to find any commercially viable reserves in the blocks it was allocated in 2009.[xiv] Apart from OVL and CIAL, there are only about 26 other Indian companies which have invested in Mozambique. But the value of these investments is less than US$ 5 million each.


With a share of 12 percent, Egypt is the second largest destination for Indian investments in Africa. Indian FDI outflows to Egypt from 2008 to 2016 were valued at US$ 602.9 million. Like Mozambique, most of the Indian investment in the country is concentrated in the energy sector. Gujarat State Petroleum Corporation (GSPC) and OVL are the two largest Indian companies in Egypt. The Gujarat government-supported company, GSPC, has invested about US$ 319.7 million in Egypt’s oil and gas sector. However, most of its investments in Egypt were not successful because the blocks were found to be commercially unviable and it surrendered five of its oil and gas blocks in Egypt.[xv] In 2008, OVL invested US$ 227.5 million in Egypt.

Indian investments in Egypt’s energy sector are not only limited to the oil and gas sector. Indian private sector company Shapoorji Pallonji Capital Company Ltd. invested US$ 6.8 million in a 50MW solar power plant in Egypt. There are other Indian companies which have invested small amounts in the manufacturing sector. For instance, Dhunseri Petrochem and Tea Ltd. has invested US$ 33.2 million in a downstream petrochemicals facility. Pharmaceuticals are another important sector for Indian private sector companies. Between 2008 and 2011, Glenmark Pharma invested about US$ 7.6 million in Egypt.

South Africa

About 119 Indian companies have invested US$ 442.5 million in the South African market between 2008 and 2016 which accounts for about 8.8 percent of Indian investments in Africa. Unlike Mozambique and Egypt, Indian investments in South Africa are neither led by state-owned enterprises nor concentrated in the energy sector alone. The TATA Group is one of the most active Indian companies in South Africa. TATA International and TATA Steel have invested US$ 63 million and US$ 65.3 million, respectively. The TATA Group’s hospitality arm, Indian Hotels, has invested a total of US$ 93.8 million in South Africa. Larsen and Toubro Infotech, the sixth largest Indian IT services player globally, invested US$ 36.5 million between 2008 and 2011. Marico Industries, a fast moving consumer goods (FMCG) company entered the South African market by acquiring South African brands like Caivil and Black Chic. Its total investment in South Africa between 2008 and 2011 were to the tune of US$ 34.3 million.


The total value of India’s FDI outflows to Tunisia between 2008 and 2016 is estimated at US$ 190.4 million (Table 2). The country accounts for about 3.8 percent of India’s total investments in Africa during the same period. Two Indian fertiliser companies, Coromandel International and Gujarat State Fertilizers and Chemicals (GSFC), account for over 99 percent of Indian investments in Tunisia. GSFC and Coromandel International formed a joint venture, Tunisian Indian Fertilizers (TIFERT), with Tunisian state-owned company, Groupe Chimique Tunisien (GCT) and Compagnie Des Phosphates De Gafsa (CPG). Together, Coromandel International and GSFC, have invested US$ 190.4 million in a phosphoric acid plant in order to secure an uninterrupted supply of phosphoric acid which is critical for their India operations. TIFERT’s plant which started its operations in 2013 will use around 1.4 million tonnes of Tunisian rock phosphate per year, producing 360,000 tonnes of phosphoric acid annually.[xvi] These investments have resulted in an uninterrupted supply of phosphoric acid to India which is key to the production of phosphates, an essential agricultural input in India. India currently accounts for over 50 percent of Tunisia’s global phosphoric acid exports.[xvii]


Total investment by Indian companies in Kenya (the earliest home to Indian investments) from 2008 to 2016 is estimated at US$ 154.6 million and the country accounts for about 3.1 percent of Indian investments to Africa during the same period (Table 2). Indian private sector company Interlabels Industries, which manufactures self-adhesive labels and labelling solutions, is the largest investor in Kenya with a share of 79 percent in total Indian investments in Kenya. It is interesting to note that between 2008 and 2016 about 82 Indian companies invested in Kenya, and out of those, 80 companies invested less than US$ 10 million. Also, most of these investments were directed to the manufacturing sector. This can be explained largely by the fact that Kenyans of Indian origin are an important segment in Kenya and act as a strong pull factor for Indian investments to the country.


Between 2008 and 2017, Indian companies invested a total of US$ 145.3 million in Zambia (Table 2). Although there are a few studies that have focused on Indian investments in Zambia’s agriculture sector, this study finds that Indian private sector’s presence in sectors such as manufacturing, construction, and finance, insurance and banking is much more important. Together, the top five Indian companies in Zambia—TATA Power (33.6%), Varun Beverages (18.7%), PLR Projects (8.6%), Chetak Enterprises (6.3%), and Manjeet Cotton Private Limited (5.6%)—account for about 73 percent of Indian investment in Zambia.

TATA Power owns 50 percent shares in the joint venture Itezhi Tezhi Power Corporation, with Zambian utility ZESCO. The 120 MW Itezhi Tezhi power plant, which is being built under the Build-Own-Operate-Transfer model, is expected to play a key role in addressing Zambia’s massive power shortage. Varun Beverages, the second largest bottler of PepsiCo. Beverages, invested US$ 27.2 million through its wholly owned subsidiary, Varun Beverages Zambia Limited. PLR Projects is another prominent Indian private sector company which has invested about US$ 12.5 million in Zambia’s construction sector. Another prominent player in the construction sector is Chetak Enterprises which has invested about US$ 9.2 million. Indian public sector banks have played an important role in Zambia’s banking sector. In 2015, three Indian public sector banks invested in Zambia—these were Bank of Baroda, Bank of India, and Central Bank of India.


Indian investment in Libya is entirely directed to the energy sector. Three Indian public sector enterprises–Oil India, ONGC Videsh, and Indian Oil Corporation—have invested US$ US$ 65.9 million, US$ 51.4 million, and US$ 10.3 million in Libya, respectively, and together account for about 99 percent of Indian investments in Libya.


Between 2008 and 2016, about 64 Indian companies invested a total of US$ 96.4 million in Ethiopia. Unlike in other countries like Mozambique, Zambia, and Libya, about 92 percent of the Indian investment in Ethiopia is channelled to the manufacturing sector. Kanoria Africa Textiles, a wholly owned subsidiary of Kanoria Chemicals and Industries, has set up a denim unit near Addis Ababa with an investment of about US$ 36.1 million. Both India and Ethiopia have a lot to gain from this unit: The project will create about 500 direct jobs and 20,000 indirect jobs as well as further the mission of ‘Made in Africa’;[xviii] at the same time, the Indian company will get duty-free quota-free access to the US and EU markets through the African Growth and Opportunity Act (AGOA) and Everything But Arms (EBA).

Food processing companies such as Indagro Foods and Frigerio Conserva Allana Limited have also invested heavily in Ethiopia. The Allana Group, India’s largest exporter of buffalo meat, has built a meat processing plant in Zeway town near Addis Ababa. The meat plant will have a capacity to produce 75 tonnes of meat every day.[xix]


Eight Indian companies have invested about US$ 96.1 million in Morocco (Table 2). Unlike in countries such as Ethiopia, Kenya, and South Africa, only eight Indian companies have invested in Morocco. Two Indian private companies, Varun Beverages (78%) and TATA Motors (15%), account for about 92 percent of Indian investments there, with the six other companies having invested less than US$ 3 million each.


Indian investment flows to Sudan from 2008 to 2016 are estimated to be about US$ 85.7 million (Table 2). In Sudan, Indian investment is strictly limited to oil, with ONGC Videsh accounting for 99 percent of Indian investments (Table A10). The other six Indian companies present in Sudan are Bhola Shri Marketing Private Limited, BLS International Services Limited, RAMCO Systems, Shivalikview Steel Trading, Titanic Steel Trading, and Vintage Steel. These have invested less than half a million each.

II. Role of private sector in India’s development cooperation

The notion that the private sector could play an important role in development cooperation gained currency after the global financial crisis and the consequent decline in government budgets for official development assistance (ODA). The Fourth High Level Forum (HLF4) on Aid Effectiveness held in Busan in 2011 established the role of the private sector as an ‘actor and development partner’. One of the main proposals of the Busan Partnership was to build “stronger relationships between development cooperation and the private sector, by supporting the creation of a favourable environment for the different partners and fostering public-private partnerships”.[xx] This was also the first time when representatives of the private sector were signatories to the agreement. Subsequently, the role of the private sector was emphasised in the Rio+20 Conference, the Global Partnership for Effective Development Cooperation, and the G20 summits. The private sector is regarded crucial to overcoming development challenges in the developing world because it is an engine for economic growth. Given the private sector’s role in advancing innovation, transfer of technology, creating wealth, incomes, and jobs; the impacts of development cooperation will be more sustainable if development cooperation builds on synergies with the priorities of the private sector.

In order to determine whether India’s development cooperation is linked to India’s commercial interests, African countries have been ranked according to the total value of credit lines and the total FDI outflows from 2008 to 2016 in Figure 6. The figure suggests that there is a weak positive association between the total concessional credit received by a country and the FDI in that country. The spearman rank correlation[xxi] between Indian lines of credit and FDI flows is only 0.44. Countries in the first quadrant such as Mozambique, Kenya, Ethiopia, Tanzania, and Ghana are countries which have been the favoured destination for both Indian investments as well as credit lines. Countries in the third quadrant such as Djibouti, Swaziland, and Benin have not been major beneficiaries of either lines of credit or investments from India. Countries in the second and fourth quadrant represent a disassociation between development cooperation and FDI flows. Countries in the second quadrant such as Burkina Faso and Senegal have been major beneficiaries of Indian lines of credit but these countries have received scant FDI flows. This signifies the failure of Indian credit lines in stimulating private sector investments in these countries. On the other hand, countries such as Zambia, Nigeria, and Gabon have received high volumes of FDI but have not been major beneficiaries of Indian lines of credit. In this case, investments have not followed development cooperation. Private sector companies have found it profitable to invest in these countries. Zambia’s case is particularly interesting because as observed earlier, not only has it been the fifth largest recipient of Indian investments, Indian investment have also spread across various sectors of the economy. This is largely due to the Zambian government’s efforts in attracting Indian investments.[xxii]

Figure 6: Ranking of African countries based on total concessional credit and FDI received

Source: Author’s own based on data from EXIM Bank and RBI database

According to a report by CII,[xxiii] there are two ways in which development cooperation relates to the private sector:

  • Development cooperation can target private sector development in the partner country to foster economic growth, which then can translate into broader development gains.
  • Private sector can be engaged in various stages associated with the delivery of development cooperation

At the moment, however, the role of Indian businesses in the delivery of development cooperation is limited to that of a contractor. Indian lines of credit are the main instrument through which Indian companies participate in the implementation of development cooperation. Once a line of credit agreement is signed, the borrowing government or agency organises a bidding and procurement procedure, in which Indian firms can participate.[xxiv] India does not provide financial incentives for firms to invest in Africa or establish business relationships with African firms. Joint financing of projects through public-private partnerships is also rare.

Sweden’s development cooperation is in striking contrast to India. There was a seven-fold increase in Sweden’s aid to the private sector from € 5.5 million in 2006 to € 38 million in 2012.[xxv] Swedfund, the development finance institution of Sweden, funds small and medium-size Swedish businesses to start up business relations in developing countries. Between 2009 and 2016, Swedfund financed 196 new establishments and business collaborations.[xxvi] UK’s development finance institution, CDC, supports businesses in Africa and South Asia to create jobs and expand small businesses in these countries. China’s development cooperation also represents a close collaboration between the government, financial institutions, and state enterprises.[xxvii] However, its private firms have followed their own paths in Africa with the primary driving factor being African market opportunities.[xxviii]

Need for an institutional mechanism/vehicle to promote Indian overseas investments

India needs to synergise its development cooperation initiatives in order to create positive externalities for Indian companies in Africa. Better targeting of development projects in sectors and countries which are of interest for Indian businesses will foster trade and investment linkages between India and Africa. This is particularly important for countries in the fourth quadrant (see Figure 6). On the other hand, it is also important to investigate why credit lines are failing to be the stepping stones to more vigorous investment ties for countries in the second quadrant. Towards that end, it is imperative that India creates an institutional mechanism to promote Indian overseas investments in other developing countries. Prahalathan (2014) recommends the creation of a separate division within the Ministry of Finance – Overseas Investment Promotion Council (OPIC) to promote overseas investments by Indian enterprises.[xxix] The CII report recommends the creation of an institutional mechanism, India-Africa Development Cooperation, under the aegis of the India-Africa Summits, wherein the private sector can provide its inputs on the geographical and sectoral focus of development cooperation.[xxx]

However, it is important that the institutional vehicle which seeks to promote Indian overseas investments in Africa and other developing countries bears in mind the development priorities of the recipient countries as well because there may be instances where the interests of India’s private sector may not be in line with the larger development goals of poverty alleviation and sustainable development. Moreover, the expansion of private sector in Africa does not automatically benefit the poorest and marginalised people, particularly in Africa.[xxxi] Therefore, private sector engagement in India’s development cooperation should aim to result in mutual benefit for both India as well as its partner countries. Towards that end, the institutional vehicle to promote Indian overseas investments must try to promote development-friendly investments in Africa.


One of the main findings of this study is that Mauritius continues to account for the bulk of Indian investments in Africa. Given that it is a tax haven, most of the Indian investment to that country does not contribute to African development and is round-tripped back to India. This means that the actual volume of Indian investment in Africa is much less than reported by both existing academic studies and the media.

This study also finds that Indian investment in Africa is characterised by large-scale investment in oil, gas, and mining sectors by public sector enterprises. Thus, energy security is the critical pull factor behind the growth of Indian investments in Africa. However, Indian public sector companies have not fared very well in Africa’s energy market. In many instances they have had to relinquish the blocks they acquired due to poor commercial prospects, inability to meet contractual agreements or because the blocks were still in their exploratory phase.[xxxii] According to Alden and Verma (2015), lack of technical and operational skills led to the failure of Indian companies in Africa’s energy market. Between 2011 and 2015, GSPC surrendered ten of its 11 overseas blocks in Egypt, Yemen, Indonesia, and Australia. The Audit Report (PSUs) for the year ended 31 March 2015 made the following observation about GSPC:

“The Company went ahead acquiring overseas blocks during 2006-10 mainly as an operator with considerably high participating interests without any prior experience overseas as an operator. Further, the delayed execution of the work committed resulted in cost escalations in overseas blocks. As a result, the Company had incurred expenditure of Rs 1,757.46 crore for 10 surrendered overseas blocks, of which Rs 1,734.12 crore has been written off”.

Lastly, the Indian private sector’s footprint has also grown in the African continent, albeit not as much as often claimed by the media. Indian private sector investment in Africa can be divided into two categories. On the one hand are large private sector companies which have undertaken ‘big ticket’ investments in select African countries in the manufacturing sector, petrochemicals, fast moving consumer goods, and hotels. But their operations are limited to one or two African countries and have not been able to spread their presence across the continent. The driving force behind such investments is largely a set of firm-specific reasons such as market entry strategy or access to raw materials. On the other hand, there is also a multitude of small and medium enterprises which have invested much smaller sums in the manufacturing sector. These smaller firms are likely to have a stronger impact on African development by way of jobs as well as forward and backward linkages. However, making a decisive comment on the actual impact of such investments on a country’s development requires field-based research which is beyond the scope of this paper.

The relationship between India’s development cooperation and Indian FDI in Africa is weak at the moment. India’s development cooperation strategy should be more in tune with India’s commercial interests in Africa. Towards that end, this paper recommends the establishment of an institutional vehicle to promote Indian overseas investments in Africa as well as other developing countries in the neighbourhood. The institutional vehicle to promote Indian investments must also try to channel Indian investments into development-friendly projects for mutual benefit.

Appendix A: Details of Indian FDI outflows to top ten recipient countries

Table A1: Indian foreign direct investment flows to Mozambique from 2008 to 2016

Indian Party200820092010201120122013201420152016Total
Adhunik Alloys and Power Ltd. 0.040.04
Anil V Patel0.0450.045
Austral coke & projects ltd0.0320.0130.045
Beekay universal impex pvt ltd112
Bhavik parsottamdas patel0.0390.039
Coal india limited0.26812.7220.1465.1341
Essar ports ltd4.1154.115
Gravita india ltd0.220.00920.2292
Hemantbhai satishbhai patel0.0390.039
Jindal metal and mining limited0.2970.297
Jindal poly films ltd0.2250.225
Kwality pharmaceuticals pvt. Ltd.0.1080.108
Ongc videsh ltd.26402.54752642.5475
Psi hydraulics0.0530.25250.020.3255
Rachana global excavation ltd0.00510.0051
Railtech infraventure pvt. Ltd.0.010.1910.201
Rajarambapu agro private limited0.17440.1744
Resources international0.18840.70451.50.7230.513.6259
Rites ltd3.9450.82824.7732
Rst mining and logistics private limited0.00150.0015
Shapoorji pallonji energy (gujrat) private limited0.00240.0024
Shapoorji pallonji infrastructure capital company limited0.00240.0024
Standardbuild infrastructure ltd0.0250.025
Tata chemicals ltd0.2750.275
Teleminex india pvt ltd0.0250.025
Thriveni earth movers p ltd1.3791.379
Vandana  vidhyut   limited0.30.3
Varun beverages limited0.0020.90.902

Table A2: Indian foreign direct investment flows to Egypt from 2008 to 2016

Aliasger k khorakiwala0.00.0
Dhunseri petrochem & tea limited11.710.
Ebrahim z khorakiwala0.00.0
Glenmark pharmaceuticals ltd.
Glenmark pharmaceuticals pvt. Ltd.
Gujarat state petroleum corporation195.56.88.310.550.735.013.10.0319.7
Hdfc investments ltd0.60.6
Hetero drugs ltd0.40.00.5
Hetero labs ltd0.40.61.0
Kiran global chems ltd0.40.10.5
Kumail h.khorakiwala0.00.0
Murtaza q khorakiwala0.00.0
Ongc videsh ltd.227.5227.5
Onmobile global ltd0.00.0
Pidilite industries ltd0.
Qusai z khorakiwala0.00.0
Rajesh nandkumar bathija0.00.0
Roha dyechem pvt. Ltd.0.10.1
Satyam computer services ltd.
Shapoorji pallonji infrastructure capital company limited1.51.5
Shapoorji pallonji infrastructure capital company pvt. Ltd.5.35.3
South asian petrochem limited2.92.9
Sunil vasudeo kulkarni  jt-10.00.0
Suresh dhawan jt10.00.0
Zoher h khorakiwala0.00.0
Grand Total423.87.513.524.062.740.814.49.36.8602.9

Table A3: Indian foreign direct investment flows to South Africa from 2008 to 2016

Agni steels private limited0.60.6
Alkem laboratories limited1.01.0
Alkem laboratories ltd.,
Allengers medical systems limited0.
Alp overseas pvt ltd0.
Altura consulting pvt. Ltd.0.00.0
Arva a challawala0.00.0
Aspl ventures private limited1.61.6
Bennett coleman and co. Ltd.0.00.0
Bhavna tradelink p ltd0.40.4
Brk commodity india limited0.00.0
Chadha power0.60.41.0
Chadha power llp0.00.0
Cipla ltd.10.010.0
Citron infraprojects ltd0.10.10.2
Corpus software pvt.ltd0.00.10.1
Cri pumps pvt. Ltd.,1.51.5
Crystal crop protection pvt ltd0.00.0
Cytespace research private limited0.20.2
Dash petroleum & energy resources pvt ltd0.20.2
Dr. Reddy’s laboratories ltd.10.310.3
Eduspark international private limited0.30.3
Emcure pharmaceuticals ltd0.
Enercon (India) power development private limited0.10.10.1
Enercon [i] ltd0.
Essel media1.01.0
Euro safety footwear india pvt ltd.
Expert global solutions
Financial technologies[i] ltd]
Forace polymers private limited0.00.00.0
Fortune metaliks limited0.40.10.5
Fortune metals limited0.10.00.1
General insurance corporation10.011.921.9
Genesis mining & minerals pvt ltd0.60.6
Geospatial media and communications private limited0.00.0
Gis development[p] ltd0.00.0
Goodearth agrochem p ltd1.71.7
Gpt infraprojects ltd0.40.4
Gupta coal india ltd1.51.5
I 2 i telesource pvt ltd0.00.0
Icreate software india p ltd0.00.0
Il&fs energy development company limited0.10.1
Indiabulls technology solutions limited0.00.0
Indian technomac company limited0.00.0
Industrial filters and fabrics private limited0.20.20.4
Ingen infotech corp private limited0.00.0
Intas pharmaceuticals ltd0.
Integrated wireless solutions pvt ltd0.
Interglobe air transport limited0.00.0
Ion exchange india ltd.
Ipca laboratories limited0.10.1
John mayne0.00.0
Jyoti structures ltd0.
Kalpataru power transmission ltd0.10.1
Kiran global chems ltd0.
Klt automative and tubular products ltd0.40.50.9
Krish compusoft services private limited0.00.0
Larsen & toubro infotech limited31.
Legacy enterprises pvt. Ltd.0.00.0
M/s cahead info technologies india
Macleods pharmaceuticals ltd0.
Mahendra brothers exports pvt ltd0.00.00.0
Mahindra & mahindra ltd2.12.1
Marico industries limited15.
Mbd worldwide pvt ltd0.
Mcnally bharat engineering co. Ltd.
Meril life sciences private limited1.81.8
Metropolis health services (i) p ltd0.70.10.9
Mouri tech pvt ltd.0.00.0
Mphatek systems private ltd.0.00.0
Multigraph machinery co.0.00.0
Nmdc ltd0.00.0
Nucleus software exports ltd0.10.1
Numeric power systems ltd.0.20.2
Onmobile global ltd0.00.0
Orchid chemicals & pharmacueticals ltd.0.00.0
Pankaj b koshti0.10.1
Parle biscuits pvt ltd2.62.6
Pierian services private limited0.00.0
Praj industries ltd.
Precision bearing pvt. Ltd0.10.10.1
Pride overseas private limited0.00.0
Prodapt solutions private limited0.00.0
R n laboratories private limited0.00.0
Ramco systems ltd.
Rockland steel trading (p) ltd.14.614.6
Sankhyaa learning private limited0.00.00.0
Saumya textiles private limited1.
Seagull maritime agencies private limited0.00.0
Second avenue consulting pvt  ltd0.00.0
Shalimar precision enterprises pvt ltd0.00.0
Shankar packaging ltd0.30.3
Solid tech india computer services private limited0.00.0
Span diagnostics ltd0.00.00.0
Srg mining international private limited0.10.1
Sun minerals1.01.0
Tagros chemicals india ltd0.
Tata communications limited0.
Tata consultancy services ltd.10.410.4
Tata intl. Ltd.
Tata motors ltd.
Tata projects ltd0.00.0
Tata steel ltd65.365.3
Tech mahindra ltd0.50.5
The indian hotels co ltd5.
Ubora technologies private limited0.00.0
Ve commercial  vehicles  limited0.50.5
Vijay mining and infra corp private limited3.40.03.4
Vulcan indl engg co ltd0.10.10.2
Winjit technologies pvt ltd0.00.0
Wone management systems private limited0.00.0
Worlds window urja pvt ltd4.44.4
Zensar technologies ltd0.10.1

Table A4: Indian foreign direct investment flows to Tunisia from 2008 to 2016

Coromandel fertilizers ltd56.456.4
Coromandel international limited41.141.1
Gujarat state fertilisers & chemicals ltd51.841.192.9
Kamal kishor swami0.00.0
Raghav swami0.00.0
Swapnil swami0.00.0
Grand Total108.282.3190.4

Table A5: Indian foreign direct investment flows to Kenya from 2008 to 2016

Abakas advisors and investments0.00.0
Adcc infocad private limited0.30.10.4
Adcc infocad limited0.10.1
Alkem laboratories ltd.,0.00.0
Altura consulting pvt. Ltd.0.00.0
Analytic solutions0.00.0
Angira distributors private limited1.21.2
Arrow webtex ltd3.83.8
Ashish bhargava0.00.0
Ashish vyas0.10.1
Associated aluminium products pvt ltd0.00.0
Astral poly trchnik ltd0.
Bharat arora0.00.0
Bhola shri marketing private limited0.00.0
Bliss gvs pharma limited0.40.4
Bonsai network india p ltd0.00.00.1
Capricorn logistics pvt ltd0.00.0
Deval kanaiyalal modi0.10.00.1
Devyani food industries limited0.
Doux dentistry pvt ltd.0.00.0
Eastern software systems pvt. Ltd0.10.1
Enovateur technologies0.00.0
General insurance corporation0.10.1
Gi tech gaming co india private limited0.00.0
Glenmark pharmaceuticals ltd.
Gogreen power pvt ltd0.10.1
Gujarat telelink private limited0.10.1
Healthcare global enterprises limited0.10.1
Hind aluminium industries limited1.11.1
Infrastructure professional enterprise (p) ltd0.10.10.2
Innovis telecom services pvt ltd0.00.20.2
Interlabels industries pvt. Ltd.
Ipe global limited0.10.20.3
K.g.n. Biofuels  private limited0.00.0
Karan ventures pvt  limited0.10.1
Lcl logistix india pvt ltd0.10.20.2
Mahashakti energy limited0.20.2
Manipal press ltd0.30.50.8
Manipal technologies limited0.22.22.4
Melimu edutech private limited0.00.10.1
Mercury industries ltd0.10.10.2
Metro telworks private limited0.00.0
Metro wireless engineering i pvt ltd0.00.0
Metropark infratech & realty developments pvt ltd0.70.7
Mode finserver private limited0.00.0
Nagarjuna construction co ltd0.10.1
Nestor pharmaceuticals ltd.
New age international pvt ltd0.
Nupur goenka0.00.0
Onmobile global ltd0.80.8
Parthiv hareshkumar shah0.10.1
Pawan rajesh patel0.00.0
Prakash chemicals international pvt ltd0.
Preferred card marketing pvt ltd0.00.0
Prince plastics infrnational pvt ltd0.20.2
Quasar media pvt ltd0.00.0
Quick heal technologies limited0.40.4
Quick heal technologies private limited0.
Rajesh vithalbahi patel0.00.0
Rj corp limited0.00.00.0
Rmn infotech private limited0.00.00.0
Rony darayas gandhi0.00.0
Royal pen and plastics ltd0.
Sameep k desai0.00.0
Sameer joshi0.10.1
Samin tekmindz india pvt ltd0.00.0
Satish kelath menon0.00.00.0
Shalby limited0.00.0
Shapoorji pallonji infrastructure capital company pvt. Ltd.0.10.1
Skanem interlabels industries p ltd0.90.9
Sls software pvt ltd0.00.0
Smile multimedia pvt ltd0.00.0
Softage information technology ltd.
Suguna holdings p ltd0.10.1
Sujan luxury hosptality private limited0.40.4
Sunrise buildhome private limited0.10.30.5
Supreme and company pvt. Ltd.
Tally solutions pvt. Ltd.
Tejas goenka0.00.0
Vaibhavi varun rupani0.00.0
Vijai infrastructure limited0.30.3
Vir rajesh patel0.10.1
Grand Total124.


Table A6: Indian foreign direct investment flows to Zambia from 2008 to 2016

200820092010201120122013201420152016 Total
Adcc infocad limited0.00.0
Arvee electricals and engineers private limited0.00.0
Bank of baroda7.97.9
Bank of India7.87.8
Beena bapu bhosale0.00.0
Bsbk private limited0.00.0
Buniyad dwelling private pri0.00.0
Capital corp0.20.70.9
Central bank of india7.97.9
Chetak enterprises limited0.
Chiteta mining company private limited0.51.21.7
Dineshkumr modi0.00.0
Eastland switchgears pvt ltd1.
Era hsg & developers (i) ltd0.
Eurasian minerals & enterprises p ltd0.
Gkc projects ltd.
Gravita exim ltd0.10.10.1
Grn constructions pvt ltd0.00.0
Hindustan dorr- oliver limited0.00.0
Kohlenstoff resource developers private limited0.20.2
Manjeet cotton private limited3.
Manji khimji hirani0.10.1
Mcnally bharat engineering co. Ltd.
Omax minerals private limited0.00.0
Onmobile global ltd0.20.2
Orbit investments and trading pvt ltd0.20.60.8
Paritoshbhai pravinchandra modi0.00.0
Plr projects pvt ltd1.20.410.60.312.5
Sm niryat pvt. Limited0.30.3
Srr projects pvt ltd0.80.8
Star orechem international pvt ltd.
Suyog chemicals pvt ltd0.
The tata power company limited48.848.8
Tyre technocrats (india) pvt ltd0.10.1
Varun beverages limited27.227.2
Voice realtech pvt ltd0.
Zawar natural resources private limited0.10.10.3

Table A7: Indian foreign direct investment flows to Libya from 2008 to 2016

Hydrpcarbon resources development co p ltd0.00.0
Indian oil corporation ltd.10.310.3
Navayuga engineering co ltd0.20.2
Oil india limited8.83.924.73.30.617.
Ongc videsh ltd.
Shapoorji pallonji & co ltd0.00.0
Simplex infrastructures ltd0.80.8
Unitech infra limited0.20.2

Table A8: Indian foreign direct investment flows to Ethiopia from 2008 to 2016

200820092010201120122013201420152016 Total
Adp packaging pvt ltd0.
Advance ispat (india) ltd0.00.10.2
Ajay industrial corporation limited0.30.3
Anbu infratech private limited0.30.10.4
Anish vinod agrawal0.
Anmol polymers p ltd0.
Arvind brands and retail limited6.66.6
Arvind ltd.
Ashok goyal0.20.2
Avishkar international pvt. Ltd0.20.2
Bassi steels limited0.30.3
Birla corporation limited0.10.1
Bns placement services private ltd0.10.1
C & e limited0.00.0
Cadila pharmaceuticals ltd0.80.8
Citron infraprojects ltd0.
Clc enterprises limited0.
Cosmic alloys and metals works pvt ltd.
Dodla dairy limited0.00.20.3
Emami biotech ltd.
Esdee paints limited2.62.6
Frigerio conserva allana limited0.
G.d. Ferro alloys pvt ltd.
Geetanjali woollens pvt.ltd0.30.81.1
Hytech natural drillers private ltd0.10.1
Indagro foods limited0.
Indagro foods private limited2.33.25.5
Indosin pvt. Ltd.0.10.1
Intercontinental consultants & technocrats pvt.ltd0.30.3
International panaacea limited0.
Jeevan polymers (p) limited0.20.2
Kajaria ceramics ltd.
Kanoria chemicals & industries ltd.0.12.827.43.32.536.1
Karle international pvt ltd0.
Karuturi global ltd0.21.01.2
Kbn infrastructure private limited0.10.1
Keshav kailas agrawal0.
Kilitch drugs india ltd0.20.00.2
Lucid pharma private limited0.
M.p. Birla group services private limited0.00.0
Mahashakti energy limited0.
Meenakshi infrastructures pvt ltd0.00.0
Nakul agrawal0.
Naresh bhandari0.00.0
Neha international ltd0.50.5
Overseas infrastructure alliance india (pvt) ltd0.10.1
Pidilite industries ltd0.20.2
Prestige oils pvt ltd0.10.1
Proful oils pvt ltd0.10.1
Ramya agrotech private limited0.10.1
Ranjit s choudhari0.10.1
Saber global greens private limited0.
Sara cotton fibers private limited0.
Satyendra packaging pvt ltd1.21.2
Shivalikview steel trading ltd0.50.5
Shree renuka sugars ltd0.10.1
Souriish marbles private limited0.10.00.1
Srinivsa foods and feeds private limited0.00.0
Suchitra yarn traders0.
Tafe motors and tractors limited0.10.1
The united nilgiri tea estate company limited0.10.1
Verdanta harvests pvt ltd0.
Vintage steel pvt ltd0.00.0
Yash R choudhari0.10.1
Grand Total1.

Table A9: Indian foreign direct investment flows to Morocco from 2008 to 2016

Gujarat fluorochemicals ltd0.00.0
K n infratech pvt ltd0.50.5
Shreepati infra realty limited0.30.3
Sumilon industries limited2.00.92.9
Tata consultancy services ltd.
Tata motors ltd.
Telangana spinning & weaving mills ltd1.11.1
Varun beverages (international) limited38.
Grand Total2.

Table A10: Indian foreign direct investment flows to Sudan from 2008 to 2016

Bhola shri marketing private limited0.00.0
Bls international services limited0.00.0
Ongc videsh ltd.55.516.213.485.1
Ramco systems ltd.0.00.0
Shivalikview steel trading ltd0.20.2
Titanic steel industries ltd.0.20.2
Vintage steel pvt ltd0.20.2
Grand Total55.516.

Appendix B: Indian FDI outflows to select African countries (countries not in top 10)

Table B1: Indian foreign direct investment flows to Ghana from 2008 to 2016

Abellon cleanenergy limited0.
Achyutha prasad bandi0.
Avs international private limited0.10.1
B abhishek0.
Chetan deep bandi0.
D v karthiknetha0.
Food fats & fertilisers ltd.
Foods, fertilizers fats, ltd.
Gravita india limited1.51.5
Gravita india ltd0.10.1
Gujarat gold centre0.30.3
Lavanya mukkara0.10.1
Laxmi publications private limited0.10.00.1
Lmk comtrade private ltd0.10.1
M/s millith karv engineering & trading (p) ltd0.20.2
M/s. R.v.r. Industries private limited0.20.2
Maganlal govindbhai khokhani0.00.0
Manaksia limited1.01.0
Met trade india ltd0.20.2
Muskaan tradex pvt ltd0.20.2
Nsl energy ventures private ltd0.10.1
Nsl sugars limited0.10.1
Olympian finvest ltd.0.10.1
Onmobile global ltd0.10.1
P.a.r.k. Industries pvt. Ltd0.40.4
Panchtatva associates0.10.1
Parle biscuits pvt ltd4.
Poona forge private limited0.60.6
Radhakrishnan nair0.10.1
Rajkumar impex p ltd0.
Rashtriya electrical & engineering corporation0.
Regal tradelinks0.70.7
Rohit nair0.00.0
Ronak exim pvt ltd0.10.10.2
Ronakkumar khodidas patel0.00.0
S.g.p.exim p ltd0.
Shree ganesh jewellery house ltd0.50.5
Shree sainath venktesh enterprises0.10.1
Stark steel private ltd0.10.40.5
Surya vinayak industries ltd0.40.71.0
Til exports pvt ltd0.10.1
Titanic steel industries ltd.0.10.1
Usha shipping & logistics pvt ltd0.20.2
Vasudhaika software solutions pvt ltd0.10.1
Venkatesulu venkatesulu dasari0.
Vintage steel pvt ltd0.10.1
Total5.               81.7

Table B2: Indian foreign direct investment flows to Liberia from 2008 to 2016

Abg fpso private limited0.10.1
Four m maritime private limited0.
Lindsay international private limited0.40.4
Soiltech (india) pvt ltd0.00.0
Tahir tayeb latiff0.00.0
West asia maritime ltd.36.436.4
Total36.               37.7

Table B3: Indian foreign direct investment flows to Malawi from 2008 to 2016

Amita jaymin desai0.10.1
Hi-tos liner agency p ltd0.30.81.1
Nihilent technologies pvt.ltd0.00.0
Onmobile global ltd0.00.0
Ulka industries ltd.
Weizmann ltd0.20.2

Table B4: Indian foreign direct investment flows to Nigeria from 2008 to 2016

Ajanta pharma ltd.
Anadariya aadithya agro private limited0.00.0
Ashiana goods private limited0.50.5
Ashish life science pvt. Ltd0.00.00.1
Ashley holdings limited0.00.0
Ashley investments limited0.00.0
Ashok leyland ltd.0.00.0
Aster infrastructure pvt ltd0.10.1
Atlanta mart private limited0.10.1
Bnr consultancy services private limited1.81.8
Bns steel trading private limited2.
Bry – air (asia) pvt. Ltd.
Celogen pharma pvt ltd0.00.0
Centum learning limited0.10.1
Comviva technologies limited0.10.50.6
Crest steel & power private limited0.
Dynamic universal ltd2.82.8
East india udyog ltd0.00.20.2
Eastern software systems ltd.0.10.1
Edel commodities trading limited0.00.0
Efsl comtrade limited0.10.1
Emcure pharmaceuticals ltd0.
Cosmic alloys and metals works pvt ltd.0.10.1
G r infraprojects ltd0.00.50.5
G.d. Ferro alloys pvt ltd.0.10.1
Galpha laboratories limited0.00.0
Glenmark pharmaceuticals ltd.
Glenmark pharmaceuticals pvt. Ltd.
Green power intenational pvt ltd0.
Il&fs transportation networks limited0.00.0
Indian oil corporation ltd.
Ipca laboratories limited0.
Jayachandran alloys private limited0.
Jsm corporation private limited0.10.20.3
Kalpataru power transmission ltd0.00.0
Kohinoor hatcheries pvt ltd0.
M/s simar infrastructures ltd0.00.00.0
Mahashakti energy limited0.00.0
Manipal technologies limited0.60.6
Micro labs limited0.20.20.4
New india assurance co.8.38.3
New india electricals ltd0.20.2
Nihilent technologies,
Oil india limited0.
One 97 communications limited0.10.1
Onmobile global ltd0.00.0
Parle biscuits pvt ltd0.10.60.6
Power mech projects limited0.00.0
Pyramid consulting engineers p ltd0.00.10.1
Radha madhav exim private limited0.10.1
Ramesh b patel0.00.0
Routesms solutions limited0.00.0
Rpg transmission ltd0.10.1
S m creative electronics ltd.0.00.0
Shiva gensets pvt ltd0.00.0
Skipper healthcare private limited0.30.3
St.john freight systems ltd0.00.0
Steerling and wilson p ltd0.00.0
Sterling publishers pvt ltd0.10.1
Su kam power systems limited0.10.1
Sunmed corporation private limited0.10.10.2
Tata motors ltd.0.00.0
Tech mahindra ltd2.01.03.0
Techint india private limited0.00.0
Top metals ltd3.15.45.614.0
Twenty first century pharmaceuticals pvt ltd0.00.0
V s steel & power projects pvt ltd.0.80.8
V. S. International p. Ltd.0.00.0
Vajra machineries pvt ltd0.30.20.5
Ver se innovations pvt ltd0.00.0
Total1.               57.8


Table B5: Indian foreign direct investment flows to Rwanda from 2008 to 2016

Gp karthikeyan0.00.0
Hicommands tech india ltd0.00.00.1
Met trade india ltd1.41.4
Nyagatare agro ventures private limited0.
Onmobile global ltd0.00.00.0
P sureshkumar0.00.0
Pitambra books pvt ltd0.00.0
Sahasra electronics ptivate limited0.
Waterlife india private limited0.00.0
Total1.                 8.0

Table B6: Indian foreign direct investment flows to Sierra Leone from 2008 to 2016

Onmobile Global Ltd0.020.02

Table B7: Indian foreign direct investment flows to Tanzania from 2008 to 2016

200820092010201120122013201420152016 Total
Alpha nippon innovatives limited0.80.8
Anurag handa0.00.0
Arun kumar naval0.00.0
Balaji iron and minerals pvt ltd0.00.00.0
Banco products (india) ltd.
Banco products india ltd0.50.911.112.5
Baramati agro limited0.00.0
Bhrithi mining private limited0.00.00.0
Dharma theja paruchuri0.00.0
Diamond & gem development corporation limited0.00.00.0
Dr. Pva mohandas0.10.1
Dr.prithvi mohandas0.10.1
Excel crop care ltd.
Fair deal cars pvt ltd0.
Frigerio conserva allana limited0.20.10.3
Grow-well engineering export p ltd0.10.10.1
Healthcare global enterprises limited0.00.0
Il & fs maritime infrastructure co ltd0.00.0
Il&fs energy development company limited0.00.0
Indagro foods limited0.20.00.3
Indagro foods private limited0.00.0
Kishore thakurdas raghani0.10.1
Lovson exports ltd0.00.0
Madhavi potla0.00.0
Mallika mohandas0.10.1
Matchit consultants pvt ltd0.10.1
Mercury industries ltd0.00.20.2
Nestor pharmaceuticals ltd.
Nihilent technologies,0.00.0
Onmobile global ltd0.00.01
Potla nageswara rao0.00.0
Potla nishanth0.00.0
Potla shanthi0.00.0
Princeware international pvt ltd0.
Psi hydraulics20.00.120.1
R j feeds pvt ltd0.
Rmn infotech private limited0.00.00.0
Royal orchid hotels ltd2.
S.s. Control systems private limited0.00.0
Shashank bhasker trivedi0.00.0
Sidhhartha corporation private limited0.20.2
Sri ganesh forwarders pvt ltd0.20.10.3
Tanworld international pvt ltd0.90.9
Tata petrodyne limited6.70.57.3
Teleminex india pvt ltd0.00.0
Unihealth consultancy pvt ltd0.10.1
Vasista mines private limited0.20.10.3
Venkatrama poultries private limited1.31.3
Webstar vyapaar pvt ltd0.10.10.2
Yogesh aggrawal0.00.0
Grand Total2.1120.861.3813.080.687.194.2311.610.7561.90

Table B8: Indian foreign direct investment flows to Uganda from 2008 to 2016

20082010201120122013201420152016 Total
A2z maintenance & engineering services ltd0.00.0
Acacia projects private limited0.
Amit nutanchandra mehta0.00.00.0
Aroma realties limited0.10.1
Arvind premji bhanusali0.00.0
B ravikumar0.10.1
Bhola shri marketing private limited0.00.0
Bothra variant private limited0.20.2
Cameo corporate services limited0.
Devyani international pvt. Ltd.1.023.324.3
Eastern software systems ltd.0.00.0
Flowtech industries llp0.00.10.1
Ghanshyam vanmalidas dudharejiya0.00.0
Healthcare global enterprises limited0.10.1
Intaz agro pvt ltd0.10.10.1
Jeph international educare private limited0.50.5
Kgs sugar and infra corporation limited0.20.2
Majoris trade and exports private limited0.
Marwar impex pvt ltd0.00.0
Medibios laboratories pvt ltd0.20.2
Onmobile global ltd0.350.35
P madheshwaran0.10.1
Rajesh valjibhai vaghasia0.00.0
Rohini minerals private0.40.4
Roshni seeds private limited0.10.10.1
Samruddhi autoworld private limited0.00.0
Sea deals trade private limited0.10.1
Shree balaji goodearth0.00.00.1
Sri rajeshwara hatcheries private limited0.20.2
Straina international private limited0.00.0
Svsvs projects private limited0.00.0
Tirupati sarjan limited0.40.20.5
Unihealth consultancy pvt ltd0.40.4
Vir alloys & steel co pvt ltd0.00.00.0

Table B9: Indian foreign direct investment flows to Zimbabwe from 2008 to 2016

2011201220142016 Total
Midex global private ltd0.20.2
Raj milk and cold storage pvt ltd0.00.0
Shyam metalics and energy limited0.00.10.1
Varun beverages limited1.01.0



[i] Jørgen Dige Pedersen, “Is Indian FDI Developmental?” In Transnational Corporations and Development Policy

Critical Perspectives, Eds. Eric Rugraff, Diego Sánchez-Ancochea and Andy Sumner (Palgrave Macmillan, 2009), 105-136.

[ii] Sanjay Kumar Pradhan, “India and Africa: Quest for Oil and Gas”, Indian Foreign Affairs Journal  7, no 3 (2012), 284

[iii] “World Investment Report 2016,” (Geneva: United Nations, 2016)

[iv] Sanjay Kumar Pradhan, “India and Africa: Quest for Oil and Gas”, Indian Foreign Affairs Journal  7, no 3 (2012), 284

[v] “World Investment Report 2016,” (Geneva: United Nations, 2016)

[vi] “India-Africa: South-South Trade and Investment for Development”, (New Delhi: CII),

[vii] S Prahalathan et al, “Outward Direct Investment from India: Trends, Objectives and Policy Perspectives”, Occasional Paper No. 165. Export-Import Bank of India, 2014.

[viii] Sinate et al, “West Africa: A Study of India’s Trade and Investment Potential”, Occasional Paper No. 158. Export-Import Bank of India, 2013.

[ix] Chris Alden and Raj Verma, “India’s Pursuit of Investment Opportunities in Africa” In India and Africa’s Partnership: A Vision for a New Future, Eds. Ajay Kumar Dubey and Aparajita Biswas (New Delhi: Springer, 2016)

[x] Lucey, Amanda et al, “India–Africa relations: The role of the private sector”, ISS Paper 285. Institute for Security Studies, 2015.

[xi] “India-Africa: South-South Trade Investment for Development”, CII/WTO, 2013.

[xii] S Prahalathan et al, Outward Direct Investment from India: Trends, Objectives and Policy Perspectives”, Occasional Paper No. 165. Export-Import Bank of India, 2014.

[xiii] David Rowlands, “FID on Mozambique LNG project expected in April – June 2018”, LNG Industry, April 6, 2017,

[xiv] Rakhi Majumdar and Debjoy Sengupta, “Coal India Limited seeks alternative coal blocks from Mozambique government”, Economic Times, September 26, 2016,

[xv] Avinash Nair, “Surrender of 37 oil & gas blocks: GSPC rapped over its failure to assess risks”, Indian Express, April 1, 2016,

[xvi] Viswanath Pilla, “Coromandel’s Tunisia phosphoric acid plant starts operations”, Livemint, July 12, 2013,

[xvii] Shantanu Guha Ray, “Some significant conversations in Tunisia”, Times of India, March 2, 2017,

[xviii] “Kanoria Chemicals’ denim unit in Ethiopia goes on stream”, Hindu Business Line, October 27, 2015,

[xix] “India’s Allana to Build Ethiopia Meat Processing Plant”, Addis Standard, April 4, 2014,

[xx] “The Busan Partnership for Effective Development Cooperation”, Organisation for Economic Co-operation and Development (OECD), July 2012,

[xxi] Spearman rank correlation is a non-parametric measure of rank correlation (statistical dependence between the rankings of two variables). It assesses how well the relationship between two variables can be described using a monotonic function.

[xxii] Nawa Mutumweno “Zambia: Indian investment in Zambia grows”, SHOUT-AFRICA, March 19, 2011,

[xxiii] Confederation of Indian Industries (CII), “India’s Development Cooperation with Africa: What Role for the Private Sector”, (New Delhi: CII)

[xxiv] Ibid.

[xxv] Göran Eklöf, “The Future Role of the Private Sector in Development Cooperation: an overview of key policy processes”, CONCORD Sweden, June 2014,

[xxvi] Swedfund,

[xxvii] Confederation of Indian Industries (CII), “India’s Development Cooperation with Africa: What Role for the Private Sector”, (New Delhi: CII)

[xxviii] Jing Gu, “China’s Private Enterprises in Africa and the Implications for African Development”, European Journal of Development Research 21, no 4(2009), 570

[xxix] S Prahalathan et al, Outward Direct Investment from India: Trends, Objectives and Policy Perspectives”, Occasional Paper No. 165. Export-Import Bank of India, 2014.

[xxx] Confederation of Indian Industries (CII), “India’s Development Cooperation with Africa: What Role for the Private Sector”, (New Delhi: CII)

[xxxi] Göran Eklöf, “The Future Role of the Private Sector in Development Cooperation: an overview of key policy processes”, CONCORD Sweden, June 2014,

[xxxii] Chris Alden and Raj Verma, “India’s Pursuit of Investment Opportunities in Africa” In India and Africa’s Partnership: A Vision for a New Future, Eds. Ajay Kumar Dubey and Aparajita Biswas (New Delhi: Springer, 2016)


Malancha Chakrabarty