India's overseas investment doubles to $5.23 bn in March

MUMBAI: Overseas direct investment by Indian companies more than doubled to $5.23 billion in March 2014 as compared to same month last year.

The overseas FDI by companies was at $2.16 billion in March 2013, the RBI data showed.

The investments or financial commitments in form of equities, loans and guarantees were at $2.91 billion, $418.72 million and $1.91 billion respectively during the month.

Reliance Energy Generation & Distribution, issued guarantee of $525.17 million in its wholly owned subsidiary in Mauritius and construction firm Punj Llyod issued guarantee of $119.59 million in its joint-venture in Saudi Arabia.

Viraj Profiles in its wholly owned unit in the Netherlands issued guarantee worth $78.50 million, while Wipro Ltd issued guarantee of $60.58 million in its fully owned firm in Cyprus.

Among other major investors, Zee Entertainment made investment of $42.76 million by way of issuing equity as well as guarantee. And GMR Infrastructure issued guarantee of $23.26 million in its joint venture in Turkey.

Also ONGC Videsh (OVL), Bajaj Auto, Godrej Consumer, JSW Steel and Hindalco Industries and various Tata Group companies made investment in their overseas entities in March.