New Delhi, November 22:

The US has emerged as not just the largest investor in India’s booming economy but also tops the list of countries where India Inc is putting its money for mergers, acquisitions and alliances, states a new study.

Between 1996 and 2005, the US attracted the largest share of Indian investment worth $2.16 billion, states the study conducted by global consultancy Ernst and Young and the Federation of Indian Chambers of Commerce and Industry (FICCI).

Russia was next with $1.76 billion, followed by Mauritius ($1.04 billion) and Sudan ($964 million), states the study that highlights the growing appetite for globalisation among Indian companies. The report attributes the large outflow of Indian investments to the impact of economic reforms.