Indian companies' investments into their overseas subsidiaries\/joint ventures fell by 63 per cent to USD 1.17 billion in May this year, according to RBI data. In May 2017, India Inc's foreign direct investment stood at USD 3.12 billion. In April 2018, the outward foreign direct investment (OFDI) of Indian firms was USD 3.56 billion. Of the total investment by domestic firms in overseas ventures in May 2018, USD 374.18 million was in the form of equity infusion, USD 162.96 million in loan and USD 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 USD 368.09 million, ONGC USD 57.94 million, Tata Hitachi Construction Machinery USD 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 USD 4.73 billion.