Beautiful and colorful aerial view of Mumbai skyline at twilight from Currey Road on February 16, 2022 in Mumbai, India.
Pratik Chauchi | Hindustan Times | Getty Images
Singaporean state investor Temasek plans to invest up to $10 billion in India over three years in sectors including financial services and healthcare, a top executive said on Monday, a move that would benefit the transforming South Asian nation. wary of China.
India’s economy is growing dramatically and its stock market is trading near record highs amid a frenzy of initial public offerings and deals. Mohit Bhandari, managing director of Temasek India Investments, said that India accounts for 7% of Temasek’s global investments, and Temasek hopes to further increase this proportion.
“In the long term, we are bullish on India,” Bhandari said in an interview at Temasek’s Mumbai offices.
“We recognize the current economic and geopolitical tensions (in China) and we will adjust our portfolio accordingly,” he added.
Temasek last week explain Profits from investments in the United States and India are helping it cushion the impact of poor performance in China. Temasek explain It has taken a cautious approach to China amid trade tensions.
About 22% of Temasek’s investments are in the United States and 19% in China. In the last fiscal year, investment in the Americas exceeded China for the first time in ten years.
In India, Temasek deployed $3 billion in the year ended March 31, its largest annual investment so far.
Bhandari also said that as the investment portfolio expands, Temasek will consider recruiting more employees from its existing 20 employees in India, but declined to disclose specific details.
Temasek’s current investments in India include HDFC Banke-scooter maker Ola Electric and Manipal Hospitals, which are about to IPO.
In April 2023, Temasek spent US$2 billion to increase its stake in Manipal from 18% to 59%, which was the largest hospital industry transaction in India’s history. The company subsequently sold minority stakes to Novo Nordisk parent Novo Holdings and Abu Dhabi-based sovereign investor Mubadala.
India’s hospital chains and healthcare groups are increasingly on the radar of foreign investors as many companies expand into smaller cities where demand for private care is rising as public hospitals remain overburdened.
Bhandari said Temasek will continue to look for more investment opportunities in the healthcare sector as it believes the sector is India’s “multi-decade” growth story.
