Singapore sovereign wealth fund Temasek has appointed veteran banker Piyush Gupta as Chairman, Temasek India, strengthening its leadership presence in one of its fastest-growing markets. Gupta joins in a non-executive, advisory capacity effective December 1.
Appointment Snapshot
Gupta will work closely with Ravi Lambah, Head of Strategic Initiatives and India, to sharpen Temasek’s India investment strategy, support portfolio companies, and deepen institutional relationships across government and industry.
His mandate includes advising on new investment opportunities, helping Temasek-backed companies scale in India, and expanding the fund’s engagement with India’s policy and business ecosystem.
Background & Expertise
Gupta served as CEO of DBS Group from 2009 to 2025, steering the bank through digital transformation and global expansion. He currently holds senior roles including:
• Deputy Chairman, Keppel
• Chairman, Board of Trustees, Singapore Management University
• Chairman, Mandai Park Holdings
Temasek CEO Dilhan Pillay said Gupta brings “extensive business insights and strong connections developed over decades in financial services.”
Gupta added that he looks forward to collaborating with the Temasek India team to “deepen partnerships, pursue new opportunities, and contribute to Temasek’s continued growth in India.”
Temasek’s India Footprint
Temasek’s portfolio exposure in India rose to $50 billion in FY25, up from $37 billion in FY24, underscoring India’s rising strategic importance. Globally, Temasek reported a net portfolio value of $324 billion as of March 31, 2025.
The fund invested over $3 billion in India last year, with major bets including VFS Global and Haldiram’s.
Market Watch
The appointment signals Temasek’s intent to deepen commitment to India’s consumption, financial services, and new-economy sectors areas expected to see heightened deal activity as global investors widen exposure to India’s growth cycle.
Final Take
With Piyush Gupta’s appointment, Temasek is positioning itself for a more active and strategic investment decade in India, backed by one of Asia’s most respected financial leaders.
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