Singapore state investor Temasek plans to invest up to US$12 billion in India over three years in sectors such as financial services and healthcare, a top executive said on Monday (Jul 15), favouring 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 per cent of Temasek’s global exposure which it wants to increase further, said Mohit Bhandari, the company’s managing director for India investments.
Temasek had plans a year ago to invest around US$9 to US$10 billion in India over three years, but it is increasing that goal to US$10 to US$12 billion given the overall economic growth outlook, he added.
“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’s current India exposure includes investments in HDFC Bank, IPO-bound e-scooter maker Ola Electric and Manipal Hospitals.
In April 2023, Temasek spent US$2 billion to raise its stake in Manipal to 59 per cent from 18 per cent in the biggest hospital sector deal ever in India. It later sold a minority stake to Novo Nordisk’s parent Novo Holdings and Abu Dhabi’s sovereign investor Mubadala.
Indian hospital chains and healthcare groups are seeing more and more interest from foreign investors as many expand into smaller cities where demand for private care is rising as public hospitals remain overburdened.
Temasek will continue to scout for more investment opportunities in the healthcare space as it believes the sector is a “multi-decade” growth story in India, Bhandari said.
Reuters
