MUMBAI: Singapore state investor Temasek plans to invest up to US$10 billion in India over three years in sectors such as financial services and healthcare, a top executive said on Monday (Jul 15), favoring the South Asian nation as it turns cautious on China.
India’s economy is growing sharply and its stock markets are trading near record highs amid an IPO and dealmaking boom. India accounts for 7 percent of Temasek’s global exposure which it wants to increase further, said Mohit Bhandari, the company’s managing director for India investments.
“We are bullish in India for the long term,” Bhandari said in an interview at Temasek’s Mumbai office.
“We are cognizant of the current economic and the geopolitical tensions that exist (in China) and to that extent, we will align our portfolio
accordingly,” he added.
Temasek last week said that profits from investments in the United States and India were helping it cushion the impact of underperformance in China. Temasek also said that it is taking a cautious approach to China amid trade tensions.
About 22 per cent of Temasek’s investments are in the United States and 19 per cent in China, and its exposure to the Americas surpassed China in the last financial year for the first time in a decade.
In India, Temasek deployed US$3 billion in the fiscal year that ended on Mar 31, its largest annual investment so far.
Bhandari also said that Temasek will look at hiring more investment professionals in India from the current 20 as its portfolio grows, but declined to share specifics.
Temasek’s current India exposure includes investments in HDFC Bank, IPO-bound e-scooter maker Ola Electric and Manipal Hospitals.
Source: CNA
