Temasek eyes bolder, selective bets in India as market matures
Temasek's portfolio swelled by US$13 billion or 35 per cent in 2025 on a mix of capital appreciation and fresh investments.
Temasek Holdings is looking to place bigger bets on fewer Indian companies to boost returns on its US$50 billion (S$64.13 billion) local portfolio in a rapidly growing market where exiting investments has become easier.
'The market is getting bigger and bigger, so we need to concentrate,' said Mr Ravi Lambah, who heads the India operations and strategic initiatives of the Singapore sovereign wealth fund that has been investing in the country for over two decades now.
Its portfolio swelled by US$13 billion or 35 per cent in 2025 on a mix of capital appreciation and fresh investments.
Predictable regulations, steady economic growth and a bullish stock market has had global sovereign funds and pension funds ploughing billions of dollars and making handsome returns in the world's most populous nation over the last few years.
And as the market matures, Temasek – which counts Bharti Airtel among its major investments through arm Singapore Telecommunications – is refining its strategy by focusing on fewer themes in a market that has been its star performer over the last decade.
'Today you can buy equities worth a billion dollars and the stock doesn't move much,' said Mr Lambah, who sees big opportunities in areas like consumption, financial services, healthcare, sustainability, transportation and industrials.
Temasek is also looking to partner more with family-run businesses as it seeks to commit billions more into India.
Top stories
Swipe. Select. Stay informed.
World Trump arms Ukraine and threatens sanctions on countries that buy Russian oil
Multimedia From local to global: What made top news in Singapore over the last 180 years?
Singapore Turning tragedy into advocacy: Woman finds new purpose after paralysis
Singapore HSA intensifies crackdown on vapes; young suspected Kpod peddlers nabbed in Bishan, Yishun
Opinion Sumiko at 61: When beauty fades, why do some accept it better than others?
Singapore Man charged over distributing nearly 3 tonnes of vapes in one day in Bishan, Ubi Avenue 3
Singapore Man allegedly attacks woman with knife at Kallang Wave Mall, to be charged with attempted murder
Singapore Ex-cop charged after he allegedly went on MHA portal, unlawfully shared info with man
'When we partner with families, they have longevity of capital,' Mr Lambah said, as Temasek does not have a pre-defined life for its funds.
Early signs of this trend are visible, with Temasek picking up a minority stake in Haldiram Snacks Food in March and its portfolio company Manipal Hospitals acquiring hospital chain Sahyadri Hospitals in Western India. It has also invested in Dr Agarwal's Health Care, an eye care chain, which got listed in January.
India's US$5 trillion stock market has seen a flood of investments from retail investors through equity mutual funds. In June, inflows through monthly investment schemes hit a record 272.7 billion rupees (S$4.1 billion).
A buoyant equity market gives comfort that 'when we want to exit, the market will give us opportunity,' Mr Lambah said. BLOOMBERG
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Online Citizen
26 minutes ago
- Online Citizen
PM Wong reaffirms ‘full support and confidence' in ST as netizens question its impartiality
SINGAPORE: Prime Minister Lawrence Wong has underlined the importance of trusted journalism, declaring that Singapore needs credible media more than ever to help society distinguish fact from falsehood in an increasingly complex world. Speaking on 11 July 2025 at a dinner celebrating the 180th anniversary of The Straits Times (ST), Wong reiterated the government's 'full support and confidence' in the publication's mission to inform, educate, and hold Singapore society together. His backing comes amid ongoing debate over the independence of Singapore's main English-language newspaper. Many Singaporeans have taken to social media to question whether ST can operate free of state influence, especially after substantial government funding was pledged to its parent, SPH Media Trust (SMT). In February 2022, the government announced up to S$900 million in funding over five years for SMT, which operates ST. This support, of up to S$180 million a year, is intended to sustain quality journalism and keep the national newspaper financially viable as advertising revenues fall and audiences move online. The injection of public money followed SMT's restructuring in 2021, when it was separated from Singapore Press Holdings to function as a not-for-profit entity. The move was aimed at ensuring that the nation's flagship paper could adapt to the challenges of digital disruption and remain a trusted source of news. PM Wong: Government support essential to keep public service media viable, independent, and accountable Wong acknowledged that globally, traditional news outlets face shrinking newsrooms and commercial pressures that threaten editorial quality. He cautioned against allowing Singapore's national newspaper to fall into the hands of private billionaires with partisan aims or to let public trust in the press erode as a result of poor funding. 'We cannot allow that to happen here in Singapore,' Wong said. 'We do not want our national newspaper to be owned by billionaires with narrow or partisan agendas. Nor do we want public trust in the media to be eroded.' He explained that government support is essential to keep public service media viable, independent, and accountable to Singaporeans. PM Wong: ST must adapt and stay relevant Wong also acknowledged that ST faces unprecedented competition, not just from other reputable outlets but from content creators and distractions across countless digital platforms. He called on the paper's editors and journalists to adapt boldly to remain relevant to future readers, even if that means significant changes to the newspaper's style, tone, or length in the coming decade. 'I believe there will still be a place for print, and we should all do our best to keep print newspapers viable in Singapore for as long as possible,' Wong said. He added that while the government supports ST's mission, it would not dictate the editorial choices needed to keep the paper meaningful to Singaporeans. Minister Josephine Teo echoes call for trusted news Communications and Information Minister Josephine Teo also emphasised the government's commitment to trusted media. She noted that Singaporeans must have reliable sources to inform decisions affecting their daily lives and futures. 'We remain very committed to ensuring that our public service media can continue to capture the attention of our audience,' Teo said. Public doubts over impartiality: 'Will ST pose hard questions to those in power?' Despite such reassurances, scepticism persists. Many Singaporeans have questioned whether the government's financial backing allows ST to remain truly independent. On social media platforms such as Reddit and Facebook, netizens have asked if journalists at ST will pose hard questions to those in power. Some doubt whether the paper can avoid serving as a government mouthpiece, given its reliance on state funding. One Reddit comment described the newspaper as a 'monopoly' that still requires government help despite diversifying its business interests into property and aged care. Concerns about media control Another comment criticised what they saw as irony in PM Wong's rejection of billionaire-owned outlets, pointing out that ST is already heavily funded and indirectly controlled by the state. Some argued that both billionaire ownership and state control can threaten true journalistic independence. One user wrote that Singaporeans should not have to choose between 'billionaire-owned media and state-owned media,' but should instead have independent journalists who report in the public interest. Comparisons to other countries Several netizens compared Singapore's situation to international examples. One noted that while government ownership carries a partisan slant, at least an elected government is accountable to citizens — unlike unelected billionaires. However, others countered that real media independence comes from autonomy, not state or corporate influence. One cited the BBC as an outlet that once enjoyed a reputation for neutrality but has struggled to maintain it amid funding debates. The user suggested that ST could position itself as a truly neutral outlet providing balanced coverage of both Eastern and Western perspectives, arguing that doing so could fill a gap left by declining trust in other global media brands. Ravi Philemon: ST already heavily funded and controlled by the state Ravi Philemon, Chief of Red Dot United, also weighed in the debate, criticised PM Wong's remark about rejecting billionaire-owned media as ironic, pointing out that The ST is already heavily funded and controlled by the state. 'It is already funded to the tune of one billion dollars to keep a ruling party, one that seems more aligned with the filthy rich than with anyone else, in power,' Philemon commented in a FB post on 12 July. He argued that Singapore's ruling party uses public money to maintain a media system that serves its own power rather than true public interest journalism. He highlighted that despite claims of independence, the press avoids asking tough questions and fails to challenge the government meaningfully. Philemon warned that this controlled media environment keeps Singaporeans uninformed about real struggles like rising debt and inequality. He warned that the real threat is not foreign billionaires, but a media kept loyal through state funding, which preserves a system that benefits the wealthy and entrenches political power. Calls for media literacy and critical reading Some Singaporeans stressed the importance of critical reading and media literacy. They argued that citizens should consult a range of credible outlets rather than depend solely on one publication, whether state-backed or privately owned. One user commented that media must serve the people and retain enough autonomy to scrutinise those in power without fear or favour. Another urged fellow Singaporeans to read widely, pointing out that a healthy democracy relies on an informed citizenry capable of questioning any narrative. Singapore ranks low on press freedom, with RSF citing lack of editorial independence According to the 2025 World Press Freedom Index published by Reporters Without Borders on 2 May, Singapore ranked 123rd out of 180 countries. The report criticised Singapore as an example not to follow, citing a severe lack of editorial independence and little respect for press freedom. RSF noted that independent political journalism is scarce, with outlets like The Online Citizen forced into exile.
Straits Times
an hour ago
- Straits Times
NATO chief says Brazil, China and India could be slammed by sanctions
WASHINGTON - NATO Secretary General Mark Rutte warned on Wednesday that countries such as Brazil, China and India could be hit very hard by secondary sanctions if they continued to do business with Russia. Rutte made the comment while meeting with senators in the U.S. Congress the day after President Donald Trump announced new weapons for Ukraine and threatened "biting" secondary tariffs of 100% on the buyers of Russian exports unless there is a peace deal in 50 days. "My encouragement to these three countries, particularly is, if you live now in Beijing, or in Delhi, or you are the president of Brazil, you might want to take a look into this, because this might hit you very hard," Rutte told reporters, who met with Trump on Monday and agreed the new steps. "So please make the phone call to Vladimir Putin and tell him that he has to get serious about peace talks, because otherwise this will slam back on Brazil, on India and on China in a massive way," Rutte added. Republican U.S. Senator Thom Tillis praised Trump for announcing the steps, but said the 50-day delay "worries" him. He said he was concerned that "Putin would try to use the 50 days to win the war, or to be better positioned to negotiate a peace agreement after having murdered and potentially collected more ground as a basis for negotiation. "So we should look at the current state of Ukraine today and say, no matter what you do over the next 50 days, any of your gains are off the table," he added. Top stories Swipe. Select. Stay informed. Singapore Las Vegas Sands' new development part of S'pore's broader, more ambitious transformation: PM Wong Singapore Economic headwinds do not dampen outlook for new Marina Bay development: Las Vegas Sands president Business MAS records net profit of $19.7 billion, fuelled by investment gains Singapore Man charged with attempted murder of woman at Kallang Wave Mall Singapore Singapore CDL's long-time director Philip Yeo to depart after boardroom feud Singapore Ex-cleaner jailed over safety lapses linked to guard's death near 1-Altitude rooftop bar Life The Violinist, Singapore's first animated historical film, set for August 2026 release Singapore 'Nobody deserves to be alone': Why Mummy and Acha have fostered over 20 children in the past 22 years Rutte said Europe would find the money to ensure Ukraine was in the best possible position in peace talks. He said that under the agreement with Trump, the U.S. would now "massively" supply Ukraine with weapons "not just air defense, also missiles, also ammunition paid for by the Europeans." Asked if long-range missiles for Ukraine were under discussion, Rutte said: "It is both defensive and offensive. So there's all kinds of weapons, but we have not discussed in detail yesterday with the president. This is really being worked through now by the Pentagon, by the Supreme Allied Commander in Europe, together with the Ukrainians." REUTERS
CNA
an hour ago
- CNA
Impact of tariffs not temporary, world will not go back to status quo: SM Lee
SINGAPORE: The world will not go back to 'status quo', or what it was like before US President Donald Trump rolled out tariffs, said Senior Minister Lee Hsien Loong on Tuesday (Jul 15). 'In trade policy, economic policy, once you make a move, you can't take it back. There are consequences,' he added. Mr Lee was speaking in a wide-ranging dialogue that went into geopolitics, climate change and domestic issues at a dinner held by the Economic Society Of Singapore (ESS). His comments came in response to a suggestion that the impact of the tariffs might be temporary, or lasting only while the current US president remains in office. 'When you first put in the tariffs, everybody complains,' he said. For example, those who need steel will ask why steel is so expensive and those who make chips will ask why they can't sell them to China, said Mr Lee in the dialogue with ESS president Euston Quah. 'But once you have put in the tariffs, and once new players come who depend on the tariffs and need the tariff protection, and you say 'I'm taking the tariffs away, we're going back to where we were', it's politically not possible.' When asked if Singapore is 'not so badly affected yet', Mr Lee quoted a Chinese idiom: 'The person who retreated 50 steps from the battle laughs at the person who retreated 100 steps, and says, 'you're worse off than me'.' While Singapore has a free trade agreement with the US, the US has decided that Singapore will face 10 per cent tariffs. 'We console ourselves, that that is the best rate, and we hope that we stay there,' said Mr Lee. Referencing Trump's move to withdraw the United States from the Paris climate deal, Mr Lee noted that from an economic perspective, the climate is a common resource, and global warming is inherently a "very difficult problem" to solve. The world may need to solve it by coming together and solving it collectively, he added. 'But when you do it collectively, there's always the risk of somebody opting out and saying 'sorry, you carry on, I will just free ride on your hard work and your sacrifices',' said Mr Lee. 'And whether or not one big country opts out from the Paris agreement, we have the risk of a free rider.' Even if one country opts out, the other countries should 'do the sensible things', he added. But even like-minded countries who come together have disagreements among themselves about the rules that will reduce their emissions, said Mr Lee. Some Southeast Asian countries have already said if America is going to be like this, they would have to reconsider their commitments, he noted. Singapore is trying to be a good global citizen and do its part so that it is in 'good standing' and not free riding on other people, he added. When asked about a new framework for the global economy, Mr Lee said: 'I suppose the best framework is the world temporarily minus one.' This means the framework mostly remains, while America still has to do business with the rest of the world, he added. 'But, well, for the time being, you wish the rules were different, and you are trying your best to change it. Temporarily, meaning maybe at some point you can come back and participate again in a more open and constructive way,' said Mr Lee. SHORT-TERM POLITICS Mr Lee also responded to a question about the risks of having 'short-term' leaders who are more 'risk-averse'. Most of the time, it is easier to be a leader who oversimplifies issues and offers a faster solution compared to one who 'gives you a long exposition more suited to the Economics Society', he said. Good leadership must have trust, as well as the ability to have political debate in the public arena, which is anchored on logic, reality and what the evidence shows, instead of what is 'politically expedient', said Mr Lee. Leaders need to understand complex economic issues, but are publicly able to express these issues in a way that is 'maybe stripped down', but sufficient for people to accept and have faith in them, he added. Responding to another question about how young Singaporeans should define success in today's society, Mr Lee said it is for young Singaporeans to define what they would like success to mean, adding that they were born with 'all the advantages' that their parents were not born with. The standard of living and opportunities for education have grown, Mr Lee said, adding that there are jobs available to Singaporeans all over the world. 'What do you want to make of your life, for yourself, for your family, for your country, for your fellow human beings?' he asked. "There are so many things you can do. Do not lie flat ... If you lie flat after a while, I hope you're ashamed of yourself," he added.
