Indian companies' investments into their overseas subsidiaries/joint ventures fell by 63 per cent to $ 1.17 billion in May this year, according to RBI data.
In April 2018, the outward foreign direct investment (OFDI) of Indian firms was $ 3.56 billion.
Of the total investment by domestic firms in overseas ventures in May 2018, $ 374.18 million was in the form of equity infusion, $ 162.96 million in loan and $ 630.45 million as guarantee issuances, as per Reserve Bank data.
Among the major companies that made investment in their overseas subsidiaries/joint ventures included Indiabulls Real Estate $ 368.09 million, ONGC $ 57.94 million, Tata Hitachi Construction Machinery $ 26.62 million and Wadhawan Global Captial USD 15.23 million.
Cumulatively, the overseas direct investment in first two months (April-May) of this fiscal stood at $ 4.73 billion.