Business
Temasek plans to invest up to US$10 billion in India over the next three years
Temasek Holdings plans to invest up to $10 billion in India over the next three years, focusing on financial services and healthcare, and considering hiring more investment professionals in India.
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Temasek Holdings plans to invest up to US$10 billion (approximately SGD 13.4 billion) in India over the next three years, with targeted investment areas including financial services and healthcare.
Reuters reported on Monday (15 July), citing information from Mohit Bhandari, Temasek’s Managing Director for India, during an interview.
As Temasek becomes more cautious about investing in China, it is leaning towards increasing its investments in India.
India’s economy is growing rapidly, with its stock market near historical highs, and there is a boom in initial public offerings and mergers and acquisitions.
Underperformance in China Investments
Bhandari stated that India currently accounts for 7% of Temasek’s global investments, and the company intends to increase this proportion.
“We are optimistic about India’s long-term prospects,” Bhandari said in an interview at Temasek’s Mumbai office.
He added, “We recognize the current economic and geopolitical tensions in China and will adjust our investment portfolio accordingly.”
Last week, Temasek noted that returns from investments in the US and India have helped mitigate the underperformance of its Chinese investments. The firm also stated that it has adopted a cautious approach towards investments in China amid trade tensions.
Approximately 22% of Temasek’s investments are in the US, while 19% are in China. In the last fiscal year, for the first time in a decade, Temasek’s investments in the Americas surpassed those in China.
During the fiscal year ending March 31, Temasek’s investments in India amounted to $3 billion, marking its largest annual investment in the country to date.
Potential Increase in Hiring Indian Professionals
Bhandari also mentioned that as the investment portfolio grows, Temasek will consider hiring more investment professionals in India, although he declined to provide specific details. Currently, Temasek employs 20 investment professionals in India.
Temasek’s current investments in India include HDFC Bank, soon-to-be-listed electric scooter manufacturer Ola Electric, and Manipal Hospitals.
In April 2023, Temasek invested $2 billion to increase its stake in Manipal Hospitals from 18% to 59%, marking the largest transaction in India’s hospital industry to date. Subsequently, it sold a minority stake in Manipal Hospitals to Novo Holdings, the parent company of Novo Nordisk, and Abu Dhabi’s sovereign investor Mubadala.
India’s hospital chains and healthcare groups are attracting increasing interest from foreign investors, as many companies expand into smaller cities, and the burden on public hospitals rises, driving demand for private healthcare.
Bhandari stated that Temasek will continue to seek more investment opportunities in the healthcare sector, as it believes the industry in India has growth potential spanning several decades.
Temasek has reported a S$7 billion (US$5.2 billion) increase in its net portfolio in 2023, buoyed by investment returns from the US and India that helped to offset underperformance in China.
The state investor’s net portfolio was valued at S$389 billion as of 31 March 2024, up from S$382 billion the previous year, according to its latest annual review released on Tuesday.
While Temasek posted a positive annual shareholder return of 1.6 percent, this modest gain follows last year’s dismal negative 5.07 percent, the worst since 2016. This raises questions about the consistency and resilience of Temasek’s long-term investment strategy. The 10-year total shareholder return remained steady at 6 percent, and the 20-year return dipped to 7 percent from 9 percent, a decline attributed to the exclusion of the post-SARS recovery year of 2004.
Retired banker Chris Kuan commented on his Facebook, “I try to be even-handed about this. But no matter how you view it, Temasek’s performance is between mediocre and ho-hum, the latter meaning nothing to shout about and for quite some time now. Down 5.07% last year, up 1.5% this year. Over 10 years just 6%, over 20 years 7%. Pedestrian for an all equity portfolio with a very large, in fact majority, unlisted (or private) assets and a sprinkling of high-risk high-return VCs. To be real, if these are the returns generated, so be it. Just don’t praise Temasek like some godsend to the world of asset management or praise the key people like they are masters of the universe.”
For context, Norway’s sovereign wealth fund, the world’s largest, reported a record profit of $213 billion in 2023, driven by strong returns on equity investments, particularly in tech stocks. The fund achieved a 21.3 percent return on its equity investments, highlighting a stark contrast with Temasek’s more modest performance.
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Don’t worry, we have appetite for more losses,what is $10b to be dump into the black hole,
How much Is the world renown Norwegian Sovereign Fund spending their people’s money in India?
Aiyah, …… just another of this regime’s “initiative” that’s set up to lose monies but it does provide rice bowls and more for it’s cronies and carriers !!!
If it’s ever in the black, it’ll be a bonus, … a bonus which’ll ONLY ever be enjoyed by this regime, it’s cronies and carriers !!!
And “what about the people”, … I hear the very people themselves querying
Oh, … they’re ONLY around to vote for ALL of thee above !!!
And when is Singtel going to close shop. Function the same. Cult and full of corruption. Why their red hawk men higher in hierarchy than their homo gomo???
Shouldn’t it be shut down.
Contract plan like shit. Happy their change the term, not happy raise the price. When this sucker Singtel gog to Close Shop.
Using my acct for your Cult Narrative. When did I sign up for it?!?
When?!?
First Telco serving Sgrean until they lost their way and still there … Pushing cult onto its Selected subscriber. When is Singtel gog to be designated as Terrorists Entity!!!!
It is normal (even prudent) to reinvest one’s portfolio if a previous “rising star” tanked. However, beside telling us an upbeat news about how much they will be diverting to India, why not also tell us how much TH lost in China – it has be to substantial. Oh, forgot, only good news counts in the pappies books, hor.
What do you expect from a nepotism-ridden SWF?
Dumping $$$ into a bottomless pit of suctioning corruption like in “Freddy Krueger’s party” where everyone is satiated with $$$ coming out of their orifices. Dissenters are told sit-down & shut up or “papee pukimaed”???
Perhaps its part of the ceca contract?….
Expect to lose some more bil$$$$ …
This is not a country which lets you win…what comes in the country stays in …the pockets of their corrupt ppl in power.
Havent our silly sillipore leaders learnt by now? Or they just dun care..its not their precious money theyre gambling with!
Chris Kuan’s very succinct “Temasek’s performance is between mediocre and ho-hum” summary of TH’s performance is, I am sure well known in the investment circles.
Just that within the TH hierarchy, they delude themselves into thinking the TH team is the best of the best.
And Singaporeans have to tolerate this very lacklustre performance year on year.
This nation is doing very wrong when zero cents from one of the world largest sovereignty fund would never invest in its own country. Who had recently said that? No one knows how much were lost in China investments. Next will definitely be in India. Need more to say? You elect the MP in parliament; MP make law for CPF; CPF make rules how much you contribute; CPF gives you a return among the lowest in world, for decades, compared to other country’s pension funds; CPF money goes to MOF and a portion goes to fund Temasek; What happens in… Read more »
Hope those involved in this decision making remember the loss of S$5.1 billion in the Amaravathi project. Even the federal government under Modi abandoned the project. India is corrupt. Laws can be changed at any time to “swallow, ” the investment. If there is money to be made, there are enough Indian billionaires to enter the Indian Market. There is no need for TH to go in. The returns of 7% means nothing if the entry point has almost reached the highest value and the Indians are unloading. TH has been fooling the Public for a long time by flashing… Read more »
There are a lot of venomous deadly cobras in India than gold and diamond mines.
Look at Modi. Flew to Moscow and bed with Putin.
Has he demonstrated love 😍 for SG. Yes he do. He love SG tax payers money. And TH can go to F hell.
Not surprising, the new CEO of temasick is a India Indian originally if sources are correct.
Another 10b prepare to go down the drain.
With such moves, no wonder India is laughing all the way to the banks overflowing with mountains of cash for grabs.
Yet looking back at Singapore, our stock market other than the few big banks some some stocks, majority over 90% are doing so badly that they have been neglected, delisted or suspended
So many Indians head Big US MultiGlobal Companies – SundarPichai, Natya Sadella, and others, PepsiCo Indian lady Boss. These are Companies ranked in Fortune 500 top tiers.
Where are the ‘Chinese’ of TH. Where they whelmed? Suzhou Ind Pk? Tientsin Eci City? (non intention of racial slur here, except just to highlight TH trying to beat Indian Goliath, F Balls to U).
Please la. Bloody TH gamble with citizens money without moralistic qualms.
TH has no shame getting trashed and loosing SG Money is none of their concerns.
The Indians don’t like you, you don’t like them as a people, why? Just like Japanese and Chinese have nothing in common except after each other pockets etc etc
You have lustful eyes, driven by destructive gain.
That’s not nation-building. That’s building on egos. At the end of the day, they will have their names in history books and buid monuments for themselves.
We’ve seen what happened in the past when Tema$ek Holdings invested into Indian companies. Phillip Ang has exposed the disastrous result on his personal blog, “likedatosocanmeh” multiple times. For some reason both Tema$ek and $GIC$ have only managed to invest into companies that underperform resulting in meagre returns or outright loses. Why should we expect different results now? It is the same people helming those companies. India has proven and will continue to prove to be an attractive investment destination. It is a fast growing economy starting from a low base with plenty more room to grow. But those in… Read more »
Which business has invested in India and walked out with more money than they put in..??
Excluding companies that were created by native Indians but are domiciled outside of India..??
Temasek is going to be the first one to walk away with bags full of cotton..??
If 1000S of 1000s of SINGAPOREANS want to see All their HARD EARNED money BEFORE PAP Gamble ALL Away and they DIE WITHOUT COFFINS, then,
— IT’S CRUCIALLY IMPORTANT to Kick the ENTIRE PAP out of PARLIAMENT, SERIOUSLY, VERY VERY SERIOUSLY — IT’S NO LAUGHING MATTER or else SKY do NOT have Any EYES to SEE.
— GOOD LUCK, esp to All Baby BOOMERS. Because TH, under the PAP treat U AS SUCKERS.