Indian firms' overseas investments down 46% to $1.12 bn in June

ONGC Videsh invested $118.68 mn in host of joint ventures and fully owned units in various locations

Direct investments by Indian firms abroad plunged by 46 per cent to $1.12 billion in June this year, according to the RBI data.

They had invested $2.07 billion in their overseas ventures in June last year.

In previous month, May 2017, the investment figure stood at $1.26 billion.

The investments made last month were a mix of issuance of guarantees ($370.11 million), loans (178.80 million) and equity ($568.34 million).

The prominent investors overseas in June included Indian Oil, investing a combined $284.28 million in a joint venture and fully owned subsidiary in Mayanmar and Singapore respectively.

ONGC Videsh Ltd (OVL) invested $118.68 million in a host of joint ventures and fully owned units in various locations.

Motherson Sumi System pumped in $89.30 million in a joint venture in the UK.