Indian corporates’ Aug overseas commitment slides

Compared to the overseas investment commitments made during July 2014 of $1,119.47 million , the commitment of $1,253.67 million stands slightly higher. (Representative image)

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CHENNAI: Indian corporates' total direct investment commitment overseas slid down by 49 per cent to $1,253.67 million last month (August) as compared to the previous year's corresponding figures, said Reserve Bank of India (RBI) on Thursday.

According to the data released by RBI, Indian coporates' total commitment overseas stood at $1,253.67 million (equity $207.39 million, loan $303.48 million, guarantee issued $742.80 million) last month as against $2,473.82 million (equity $148.05 million, loan $ 283.45 million, guarantee issued $1,842.04 million) committed during August 2013.

However, compared to the overseas investment commitments made during July 2014 of $1,119.47 million (equity $230.50 million, loan $244.72 million, guarantee issued $644.25 million), the commitment of $1,253.67 million stands slightly higher.

Reliance Industries made a loan commitment of $70 million for its subsidiary Reliance Industries (Middle East) in the UAE, while IL&FS Transportation Networks Ltd made a $68.69 million guarantee for its Spanish construction joint venture Elsmex SA.

JSW Steel had committed $54 million (loan $1.5 million, guarantee $52.5 million) for its US joint venture JSW Steel Holding (USA) Inc.

Some of the other companies that have made overseas investment commitment last month are Whiteline Consultancy Services, United Spirits, Manipal Health Enterprises, Strides Acrolab Ltd, Bombay Dyeing, and Cox & Kings.