India Inc's overseas investment plunges 46% to $1.12 billion

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

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

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

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

The prominent investors overseas in June included Indian OilBSE -0.89 %, investing a combined USD 284.28 million in a joint venture and fully owned subsidiary in Mayanmar and Singapore respectively.

ONGC Videsh Ltd invested USD 118.68 million in a host of joint ventures and fully owned units in various locations.

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