Vishesh Shrivastav, Managing Director, Investments, Temasek
Singapore-based investment firm Temasek, which has invested over $3 billion in India in FY25, is now sitting on a portfolio worth $50 billion in the country at the end of March, a rise of over 35 per cent in a year, a senior official said.
“So clearly there is an increase. We had also said two years ago that this is the pipeline, the opportunities we are seeing in India…. last year we invested slightly more than $3 billion. And at this point in time we feel confident that we will continue this run rate,” Vishesh Shrivastav, Managing Director, Investments (India) told businessline.
The mark-to-market portfolio also includes its portfolio company Sintel’s stake in telecom operator Bharti Airtel.
Some of Temasek’s major investments last year included the near $1 billion stake buy in Haldiram Snacks Foods, that concluded post March, and VFS Global, as well as new investments in Kotak Mahindra and Rebel Foods.
“This investment pace reflects good progress on our plans to invest up to $10 billion over a 3-year horizon, which was first shared in 2023,” Shrivastav said.
The firm also divested over $2 billion in India last fiscal year. One of its portfolio companies Dr Agarwal’s Health Care launched its IPO in January, while it sold stake in O2 Power.
Quite resilient
“So from both points of view, India continues to remain one of the best performing markets for Temasek across all the markets we invest in. The pipeline that we are seeing, we feel extremely confident that the portfolio is quite resilient and geared for long-term sustainable return. And we believe that our type of capital, our type of partnership is really finding a lot of resonance among the consumers of capital in India,” he said.
Other portfolio companies that listed during the year were Niva Bupa and Ola Electric. “There are a few more in the pipeline,” he added.
Though the firm acquired only a 10 per cent stake in Haldiram’s, Shrivastav said that even with a minority stake Temasek was confident of having some influence in the direction that the snacks maker would take. He added Temasek had a good relationship with the promoters of Haldiram’s as well as the management team. “We’ve got all kinds of contractual protections.”
Temasek’s relationship with family-owned businesses had created significant value for it over the years and they were keen to grow this segment, he said.
It is also looking actively for opportunities in AI, where it does not have exposure in India.
The global trade dynamics is also throwing up opportunities in supply chains, he said.
Published on July 14, 2025
