In general, there is broad literature with theoretical and empirical insights on FDI determinants. You get a good overview in Dunning´s "Economic Analysis and Multinational Enterprise" and Caves Multinational Enterprise and Economic Analysis. An excellent empirical overview of FDI determinants is found in BA Blonigen (2005). P Nunnenkamp et al. (2012) have a study on what drives outward FDI from India. See links below. In general, a common econometric approach to analyse FDI determinants is to employ a logit regression model. Note that there is several different logit models and you should carefully consider which is  relevant model approach in your specific case.

https://books.google.se/books?hl=sv&lr=&id=ux1IAwAAQBAJ&oi=fnd&pg=PP1&dq=multinationals+and+economic+analysis&ots=qz5KwojGTX&sig=yIp-z0Xvp6YgAgv9mW7war-_50I&redir_esc=y#v=onepage&q=multinationals%20and%20economic%20analysis&f=false

https://books.google.se/books?hl=sv&lr=&id=1_eNSlA-2WIC&oi=fnd&pg=PR9&dq=multinationals+and+economic+analysis&ots=5z6mRiLbLY&sig=D5Jm3wXQKsmhCV0VPhgM6DonqTA&redir_esc=y#v=onepage&q=multinationals%20and%20economic%20analysis&f=false

http://link.springer.com/article/10.1007%2Fs11293-005-2868-9#page-1

https://www.ifw-members.ifw-kiel.de/publications/what-drives-india2019s-outward-fdi/KWP_1800.pdf

You may be interested in this study by Kedron and Bagchi-Sen about Indian pharmaceutical MNEs investments in Europe. It was published in Journal of Economic Geography in 2012: http://joeg.oxfordjournals.org/content/12/4/809

Thanks Simon and Gabriel for your suggestions. Would surely read these papers for further insights.