Temasek’s golden goose: India emerges as Singapore firm’s best-performing market
MUMBAI : India has emerged as Temasek Holdings’ best-performing market over the previous 10 years, a key factor in the Singapore state investor’s total exposure to the country soaring to $37 billion. “In the last 10 years across all geographies, India has been the best in terms of returns," said Vishesh Shrivastav, managing director (India), Temasek, in an interview with Mint on Monday. Earlier in the day, Temasek said its exposure to India stood at $37 billion (equivalent to S$49 billion), including the financial interest from its portfolio firm SingTel’s investment in Bharti Airtel Ltd.
(Temasek owns 52% in SingTel, which in turn owns around 29% stake in Airtel). “It is the highest (mark-to-market exposure to India) so far. This is the value of our direct investments and the mark-to-market of our portfolio (and) of our subsidiaries as well," said Shrivastav.
Temasek did not disclose its total mark-to-market exposure to India in previous years as this is a new metric that the firm is tracking. But the firm said its direct India portfolio had increased to $21 billion in 2023-24 from $16 billion in FY23. Temasek’s direct investments portfolio has expanded to 7% of its total assets under management, up from 6% last year and 4% in 2020.
This was driven by $3 billion worth of fresh investments in India by Temasek in FY24, including the mark-to-market valuation of its portfolio. Also read | Temasek doubles investments, ups diligence as valuations reset Temasek expects to maintain its pace of investments. “At this point in time, we see more opportunities than ever," Shrivastav said on the Singapore firm’s investment plans in India.
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