The report shared that foreign assets by Indian MNEs grew 100% pa in last few years. These MNEs contribute $15.3 billion in foreign assets, 60,000 employees abroad and $12.7 billion in sales. The foremost company in the list was state-controlled Oil and Natural Gas corporation (ONGC) which comprised 31% of the total foreign assets, as per ISB’s press statement of the report.

Of the 24 companies, IT sector had eight investments followed by the pharmaceutical sector with five investments. It was also found that Europe was a favoured investment destination with possibilities of the trend shifting to Africa, Latin America, Australia and Middle East countries, stated the release.

“The survey is a part of the long term study of rapid global expansion of MNEs from emerging markets, in particular from the BRIC countries- Brazil, Russia, India and China. The survey acts as a baseline against which subsequent developments can be measured,” said the statement.