Temasek eyes bolder, selective bets in India as market matures
Temasek's portfolio swelled by US$13 billion or 35 per cent in 2025 on a mix of capital appreciation and fresh investments.
Temasek Holdings is looking to place bigger bets on fewer Indian companies to boost returns on its US$50 billion (S$64.13 billion) local portfolio in a rapidly growing market where exiting investments has become easier.
'The market is getting bigger and bigger, so we need to concentrate,' said Mr Ravi Lambah, who heads the India operations and strategic initiatives of the Singapore sovereign wealth fund that has been investing in the country for over two decades now.
Its portfolio swelled by US$13 billion or 35 per cent in 2025 on a mix of capital appreciation and fresh investments.
Predictable regulations, steady economic growth and a bullish stock market has had global sovereign funds and pension funds ploughing billions of dollars and making handsome returns in the world's most populous nation over the last few years.
And as the market matures, Temasek – which counts Bharti Airtel among its major investments through arm Singapore Telecommunications – is refining its strategy by focusing on fewer themes in a market that has been its star performer over the last decade.
'Today you can buy equities worth a billion dollars and the stock doesn't move much,' said Mr Lambah, who sees big opportunities in areas like consumption, financial services, healthcare, sustainability, transportation and industrials.
Temasek is also looking to partner more with family-run businesses as it seeks to commit billions more into India.
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'When we partner with families, they have longevity of capital,' Mr Lambah said, as Temasek does not have a pre-defined life for its funds.
Early signs of this trend are visible, with Temasek picking up a minority stake in Haldiram Snacks Food in March and its portfolio company Manipal Hospitals acquiring hospital chain Sahyadri Hospitals in Western India. It has also invested in Dr Agarwal's Health Care, an eye care chain, which got listed in January.
India's US$5 trillion stock market has seen a flood of investments from retail investors through equity mutual funds. In June, inflows through monthly investment schemes hit a record 272.7 billion rupees (S$4.1 billion).
A buoyant equity market gives comfort that 'when we want to exit, the market will give us opportunity,' Mr Lambah said. BLOOMBERG
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