Singapore’s Temasek has unveiled plans to plough $10 billion into India over the next three years, targeting investments in sectors including healthcare and financial services as it seeks to benefit from surging global interest in the world’s fastest-growing big economy.
Speaking to Euromoney from Temasek’s Mumbai office, Mohit Bhandari, managing director for India investments at the S$389 billion ($289.8 billion) state-owned fund, said in an interview at Temasek’s Mumbai office that the firm is “bullish in India for the long-term”.
According to its latest accounts, India accounted for 7% of the fund’s global exposure at the end of March 2024, up from 6% the previous year.
That number is expected to rise sharply in the years ahead. The fund’s existing investments in India include a 35% stake in hospital chain Manipal Health Enterprises and 4% of online food delivery platform Zomato.
It also owns stakes in ICICI Bank, HDFC Bank, the National Stock Exchange and IPO-bound e-scooter maker Ola Electric.
Bhandari described India as a “multi-decade” growth story, adding that the fund is looking to hire more staff onshore.
