Indian companies invest more overseas in June: RBI

MUMBAI: Led by Piramal Healthcare, foreign investments by Indian companies in June rose by 50.21 per cent from the previous month to $ 3.53 billion despite a slowdown in the global economy.

The overseas investment by domestic firms was $ 2.35 billion in May.

A total of 434 deals took place during the month by the Indian companies to carry out the outward foreign direct investment, according to RBI data released today.

Piramal Healthcare, Bharti Airtel, Garware Offshores, Wipro, Venkateshwar Hatcheries and e-Clerx Services were among the major overseas investors during the month.

Piramal Healthcare invested $ 1,350 million through its wholly-owned subsidiary in the US, which is engaged in the business of manufacturing.

Telecom major Bharti Airtel invested $ 857 million via its joint-venture in the Netherlands.

Transport, storage and communication services company Garware Offshores Services invested $ 36.5 million through its wholly-owned unit in the Netherlands.

Wipro Ltd made and investment of $ 36.2 million in Australia through its wholly owned subsidiary which is into financial, insurance, real estate and business services.

Venkateshwar Hatcheries invested $ 24 million via its wholly owned unit in the United Kingdom. The company is engaged in the business of community, social and personal services.

e-Clerx Services invested $ 24.4 million in a wholly owned unit based in British Virgin Islands. It offers financial, insurance, real estate and business services.