Indian cos Dec overseas investment down 37% to $1.58 bn in Dec

Overseas direct investment by Indian companies fell by nearly 37 per cent to USD 1.58 billion in December 2013 from the same month a year ago, as per the Reserve Bank data released today.
In December 2012, the overseas direct investment by the domestic firms stood at USD 2.50 billion and in November 2013, it was USD 2.28 billion.
Maharashtra Seamless, Tata Communications, Bharti Airtel, and Piramal Enterprises were among the major investors to put money in their overseas ventures during the month.
Maharashtra Seamless invested USD 145 million in its wholly-owned unit in Singapore and Mahindra & Mahindra invested USD 140 million in its wholly owned entity in Mauritius.

Tata Communications made an investment of USD 132.85 million in its wholly-owned venture in Singapore, while Shapoorji Pallonli & Company made an investment of USD 128.95 million in its joint-venture in the UAE.
Telecommunications company Bharti Airtel Ltd made a total investment of USD 91.71 million in two separate tranches in its wholly owned unit in Mauritius and a joint-venture in the Netherlands.
Piramal Enterprises made an investment of USD 62.44 million in a joint-venture in the US, and USD 59.24 million in a wholly owned company in Switzerland.