 Both India and Nauru are Commonwealth republics.Nauru had invested in Paradeep Phosphates Ltd (incorporated in 1981) a joint venture between the Governments of India and Nauru.Former President Bernard Dowiyogo visited India in June 1993, when Nauru dis-invested its shares due to the losses incurred worth A$63.8 million in Paradeep Phosphate Ltd. India bought Nauru's equity for the amount Nauru had initially invested.