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Singapore-headquartered investment major Temasek’s investments in India has touched $1.5 billion across various sectors since the beginning of this financial year. This is already larger than the company’s average annual exposure to India which has been around $1 billion for the last five years, Temasek India Managing Director Promeet Ghosh told BusinessLine .
Some of the largest deals include $775-million investment in L&T’s electrical & automation business acquired by Schneider Electric in partnership with Temasek; $250-million investment in UST Global, a leading digital transformation solutions company, a $150-million commitment to Ascendas India Logistics platform developed along with Ascendas-Singbridge, a $150-million investment in AU Small Finance Bank and another $150-million investment in Adani Ports, among others.
Temasek is exploring further potential opportunities in the finance, infrastructure, logistics, and e-commerce sectors where it already has presence. The fund is also evaluating opportunities in the road segment and renewable energy space where it has not yet done any direct investments in India, although the company has certain exposure to Sembcorp and GMR Energy which are active in the power segment.
Road assets auction
When asked whether Temasek is planning to participate in upcoming road assets auction through the toll-operate-transfer (TOT) model, Ghosh said the company’s investment philosophy is rather investing at the platform level across segments and working directly with promoters. “So, while we cannot say how these platforms will necessarily behave, I don’t think you will find us bidding for assets,” he said.
Temasek’s total India exposure stood at $10 billion at the end of last financial year, which is around 4 per cent of the company’s $235-billion portfolio value, according to the company’s annual review.
“Our investment philosophy is not one of having allocations, it is a very bottom-up driven one, we are not targeting investing a particular amount in a market, in a period, if we find an opportunity and it is at the right price, we will invest,” Ghosh said.
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