Four Indian firms invested close to $6 million in Azerbaijan and Turkey as part of the country’s total outbound foreign direct investment (FDI) for April, according to the data released by Reserve Bank of India on Wednesday.These contributions represent a small portion of the overall $6.8 billion in proposed overseas investments by Indian companies that month. The data also shows that the nation’s outbound FDI saw a nearly 90% year-on-year increase, with major contributions from Tata Communications, Life Insurance Corporation, and JSW Neo Energy.This comes amid Turkey and Azerbaijan’s condemnation of India’s recent strikes on terror camps in Pakistan under Operation Sindoor, concerns have emerged over potential strain in New Delhi’s trade ties with both countries. Some groups have even begun calling for a boycott of Turkish products and tourism.“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 Turkey and Azerbaijan, following their stand against India’s response to terrorism,” said Subhash Goyal, chairman, tourism committee, ICC.Meanwhile, MakeMyTrip has reported a sharp drop in travel demand to Turkey and Azerbaijan, amid growing social media calls for a boycott of the two countries. The platform noted a 60% decline in bookings over the past week, accompanied by a 250% surge in cancellations.The country’s FDI stood at approximately $3.59 billion in April 2024 and rose to $5.9 billion in March 2025, according to RBI data. Among the various investments, three Indian companies—Omega Plasto Ltd, Rama Pure Water Pvt Ltd, and Axiro Semiconductor Pvt Ltd—have committed a combined $0.28 million to Turkey. While the first two firms invested in the ‘wholesale, retail trade, restaurants, and hotels’ sector through joint ventures, Axiro Semiconductor directed funds into Turkey’s manufacturing sector via a wholly-owned subsidiary.According to the data, several major Indian firms have made significant overseas investments across diverse sectors and geographies. Project Aslan has committed USD 5.6 million in Azerbaijan’s agriculture and mining sectors. Tata Communications Limited is investing $1.12 billion in the Netherlands through its joint venture, Tata Communications Netherlands BV, targeting transport, storage, and communication services. JSW Neo Energy has pledged $720.6 million via its wholly-owned subsidiary O2 Power Midco Holdings PTE in Singapore for electricity, gas, and water services, along with an additional $60 million through another subsidiary.Meanwhile, state-run Life Insurance Corporation (LIC) has committed $685.52 million in Sri Lanka’s financial and insurance sectors through its joint venture, LIC Lanka
