Indian companies' overseas investment falls to $1.83 billion in May

Overseas direct investment by Indian companies fell to $1.83 billion in May, down 76 per cent from a month ago, Reserve Bank of India (RBI) data showed on Friday.

The RBI had on Thursday released the outward foreign direct investment (FDI) by the Indian companies during the month of April which stood at $7.64 billion.

In a total of 489 deals, companies such as Cox & Kings, Piramal Enterprises, JSW Steel, Punj Lloyd and Tata International were among the major companies to invest abroad in May.

In comparison, 499 deals were carried by Indian companies in April - the first month of the new fiscal year 2013-14.

In May, Cox & Kings invested a total of $266.45 million in seven different tranches in Hongkong, Singapore, and Britain in its wholly owned and joint venture entities.

Piramal Enterprises made total investment of $264.84 million in the US and Switzerland in two separate tranches.

JSW Steel invested $56.89 million in a US joint venture, which is engaged in manufacturing business.

Construction major Punj Lloyd invested $51.75 million in its wholly owned unit in Singapore.

Tata International made an investment of $50.48 million in Singapore in its wholly owned subsidiary, which is into whole, retail, trade and restaurant business.