Temasek cashes out of Indian joint venture with Schneider Electric for $8.18b
The deal will allow Schneider Electric to gain full ownership of Schneider Electric India Private, after it set up the company in 2018.
SINGAPORE – Sovereign wealth fund Temasek will sell its 35 per cent stake in an Indian joint venture to its French majority owner for €5.5 billion (S$8.18 billion).
The purchase price of $8.18 billion deal is almost four times the company's assessed entire net worth of $2.2 billion, marking a huge premium for Temasek given it had initially invested around $942 million.
The deal will allow French industrial giant Schneider Electric, which specialises in digital automation and energy management, to gain full ownership of Schneider Electric India Private (SEIPL), after it set up the company in 2018.
The Indian unit is a joint venture with Indian conglomerate Larsen and Toubro, which has operations in heavy industry, energy and construction.
It serves various sectors in the country, including buildings, infrastructure and data centres, with a dominant market share in the advanced metering infrastructure sector.
It is reported that SEIPL owns 31 factories and has around 39,000 employees.
Schneider said on July 30 that the unit had posted statutory revenues of 1.8 billion euros (S$2.68 billion) last year and noted that the firm performed strongly in the Indian market, with double-digit growth in 2023 and 2024.
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Schneider chief executive Olivier Blum said India will be one of the key focus markets of Schneider Electric.
The sale is the second that Temasek has conducted in India in recent months.
In December 2024, it sold Indian renewable energy firm O2 Power, which it owned with Swedish private equity firm EQT Infrastructure, for US$1.5 billion (S$1.93 billion).
India has become a key market for Temasek in recent years. Its portfolio in the country rose by US$13 billion (S$16.74 billion), or 35 per cent, in 2025 on a mix of capital appreciation and fresh investments.
The fund also announced in 2024 that it plans to invest up to US$10 billion in the country.
Temasek has stakes in six other Indian companies, the largest being its 51 per cent holding in hospital chain Manipal Health Enterprises.
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