Indian companies $3.24 bn overseas in July

Overseas direct investment by Indian companies rose to $3.24 billion in July, up 89.5 per cent from a month ago, the Reserve Bank data showed on Thursday.

Indian companies had made investment of $1.71 billion overseas in June.

In a total of 461 deals, companies such as Reliance Communications, Apollo Tyres, Zee Entertainment Enterprises and Tata Communications were among the major investors who invest abroad in July.

Reliance Communications invested $549.82 million in its wholly owned subsidiary in the Netherlands and Apollo Tyres made an investment of $519.75 million its wholly owned unit in Mauritius.

Zee Entertainment Enterprises invested USD 470.59 million its wholly owned subsidiary in the British Virgin Islands.

Tata Communications invested $295.44 million in a wholly owned company in Singapore and Gujarat State Fertilisers & Chemicals invested $51.75 million in a joint venture in Tunisia.