Indian cos directly invested $1.8 bn overseas in May: RBI

Bank guarantees for these investments stood at $1.22 billion

Overseas direct investment by Indian companies stood at $1.82 billion, 76 per cent down in May from the previous month. This includes the equity, debt as well as guarantees issued for overseas ventures.

Piramal Enterprises issued a guarantee worth $258 million to its joint venture in USA. Cox & Kings India Limited also issued a guarantee worth $246 million to wholly owned subsidiary in UK.

Other companies who emerged as major players in investing overseas were Ushdev International Limited, Mahindra & Mahindra Limited and JSW Steels Limited.

Overall Indian companies issued guarantees worth $1.21 billion, extended loans worth $291 million and pumped in equities worth $319 million.

In April, overseas direct investment by Indian companies stood at $7.63 billion.