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Spotlight India: Singapore's investment giant Temasek's top execs on a visit to India
Photo Courtesy: Pixabay

Spotlight India: Singapore's investment giant Temasek's top execs on a visit to India

| @indiablooms | 06 Dec 2023, 09:11 pm

Mumbai: The 11-member board of directors from Temasek is currently on an important visit to India, seen as a global bright spot, Moneycontrol reported.

This move is part of the Singapore investment giant's strategy to strengthen connections and expedite the deployment of $10 billion in the country over the next three years, the report said.

Temasek is a global investment company owned by the Government of Singapore. Incorporated on 25 June 1974, Temasek has a net portfolio of US$287 billion as of 2023, with S$27 billion divested and S$31 billion invested during the year, according to Wikipedia.

Having consistently invested an average of $1-$1.5 billion annually in India for the past 19 years, the company now aims to triple that amount, the report said, adding that the shift aligns with the trend of foreign investors redirecting their focus to India, which continues to surpass global counterparts in performance.

The visit by Temasek's top executives coincides with India's domestic stock markets reaching record highs, state election results indicating policy continuity, and robust Q2 GDP growth figures, firmly positioning India as the fastest-growing major economy.

"The entire Temasek board is on a 4-day trip to India and will spend time in Delhi and Mumbai this week. Meetings with industrialists, corporations and senior government officials are on the agenda," Moneycontrol quoted a source as saying.

Since August 2013, Lim Boon Heng has served as the Chairman of the Board of Directors of Temasek, while Dilhan Pillay Sandrasegara took on the role of CEO in October 2021. Ravi Lambah, who joined Temasek in April 2012, holds the position of Head of India.

The report said quoting another source, Temasek has recently undertaken significant transactions in India, highlighting the country's importance to the company.

The decision to have a physical presence on the ground is considered crucial. The visit includes planned interactions with portfolio companies, where presentations will be made, according to the report.

In April, Temasek executed the largest-ever private equity deal in the Indian healthcare sector, acquiring a majority stake in Manipal Hospitals, led by Ranjan Pai, for over $2 billion.

Moneycontrol reported citing a third source as saying that India is currently a focal point for Temasek, and the entire board's exposure to local entrepreneurs and management teams is deemed advantageous. A similar visit was conducted by the board approximately 5-6 years ago.

Temasek's investments in India include notable entities such as Ola, Zomato, Dr Agarwal's Healthcare, Medica Superspeciality Hospital, Atomberg, UpGrad, HDFC Life, ICICI Prudential Life, Integrace, Curefit, and others.

This year, senior executives from other leading global funds have also visited India, expressing optimism about the investment climate.

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