MUMBAI: A top executive announced on Monday, July 15, that Singapore’s state investor Temasek intends to invest up to US$10 billion in India over the course of three years in industries like financial services and healthcare, showing support for the South Asian country as it becomes more circumspect towards China.
Amidst an IPO and dealmaking boom, India’s stock markets are trading close to all-time highs and the country’s economy is expanding rapidly. According to Mohit Bhandari, Temasek’s managing director for India investments, the country currently makes up 7% of the company’s worldwide exposure, a percentage the company hopes to grow.
In an interview conducted at Temasek’s Mumbai office, Bhandari stated, “We are bullish in India for the long term.” He continued that we will adjust our portfolio in light of the current geopolitical and economic tensions (in China).
Temasek stated last week that its underperformance in China was being lessened by the returns from its investments in the US and India. In light of the trade tensions, Temasek further stated that it is approaching China cautiously.
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