Investment by Indian companies abroad dropped by 49 per cent to $ 1.66 billion in February compared to the previous month, the RBI data showed today.

Indian companies had invested $ 3.30 billion in January 2013.

In a total of 480 deals, companies such as Escorts Heart Institute, Punj Lloyd, Crompton Greaves, Jindal Saw, Alok Knit Exports, Bharti Airtel and Gail India Ltd made investment in their foreign companies, the RBI data released today showed.

Escorts Heart Institute and Research Centre invested $ 409.14 million in its wholly owned subsidiary in Singapore.

Crompton Greaves Ltd invested $ 202.36 million in its joint venture in the Netherlands which is engaged into wholesale, retail trade, restaurant and hotel business.

Punj Lloyd made an investment of $ 108.72 million in a wholly owned unit in Singapore providing finance, insurance and business services.

Gail India in its wholly owned subsidiary into agriculture and mining in Singapore made an investment of $ 49 million.

Telcom major Bharti Airtel made an investment of $ 41 million in Mauritius in its wholly owned subsidiary.