India's overseas investment in May down 39% at $1.59 billion

Overseas direct investment by Indian companies declined by 39.3 per cent to stand at $1.59 billion in May 2014, against $2.62 billion invested in May last year.

Indian companies had made financial commitments to the tune of $5.58 billion in overseas investments in April 2014.

The overseas FDI during May 2014 consisted of $155.69 million in equity, $182.59 million in loans and $1.26 billion through issuance of guarantees, according to data released by the Reserve Bank of India.

Maharashtra Seamless, Emcure Pharmaceuticals, Graphite India, Inox India, Scrabble Entertainment, Welspun Corp Ltd and Simplex Infrastructure were among the major companies that invested in overseas ventures in May 2014.

Maharashtra Seamless, which makes steel pipes and tubes, invested $54.86 million in its joint venture in UAE and Graphite India made an investment of $31.40 million in a wholly owned subsidiary in the Netherlands.

Emcure Pharmaceuticals invested a total of $29.21 million in two separate tranches in its wholly owned units in the UK and the US.

Cryogenic engineering company Inox India had committed investment of $26.02 million in its joint venture in the US, while Scrabble Entertainment made an investment of $25 million in two separate deals in its joint venture and a wholly owned unit in the UAE and the US, respectively.

Simplex Infrastructures had committed $18.7 million in a joint venture in Oman and Welspun invested $16.84 million in its joint venture in Mauritius.

Other major investors included Gitanjali Gems ($15.5 million), Glenmark Pharmaceuticals ($15.58 million), IL&FS Transportation Networks ($11.75 million), and Oil India Ltd ($9.55 million).