India Inc's overseas investment drops 56% in May

India Inc's foreign investment witnessed a sharp 56 per cent decline at $1.26 billion in May this year.

Indian companies had invested $2.84 billion overseas in the same month a year ago.

The Indian businesses' foreign investment also saw a decline on monthly basis as compared to $3.15 billion in April 2017, a fall of 60 per cent, according to RBI data.

Of the total financial commitment by Indian firms in their overseas ventures, $713.18 million was in form of issuance of guarantee, $161.74 million as loan while rest of $385.95 million was through equity infusion.

Among major investors, pharma major Dr Reddy's Laboratories invested $263 million in its wholly owned unit in Switzerland.

ONGC Videsh Ltd made a gross investment of $74.08 million in its joint ventures and a fully owned subsidiary in various locations across the globe.

Among others, Coastal Gujarat Power Ltd infused $32.25 million in a fully owned company in Singapore and Indiabulls Real Estate $21.68 million in its wholly owned unit in Jersey.

Wadhawan Global Captial $33.30 million and Jain Irrigation $30 million in their respective wholly owned subsidiaries in the UK and the Netherlands.