Temasek Cuts India Exposure To USD 42 bn But Remains Bullish

27 Jul 2026 CW Team

Temasek said India’s share of its overall portfolio, which rose to SGD 518 bn, fell to seven per cent from nine per cent as the relative value shifted. Executives characterised the reduction as a short-term change linked to specific transactions and reiterated an intention to grow the India portfolio. Earlier disclosures indicated a willingness to deploy up to USD 10 bn over a three-year term and up to USD three bn per year, though the firm declined to provide a current pipeline figure.

A large portion of FY26 activity consisted of follow-on investments and selective commitments in renewable energy, including a stake in Cleanmax. In public markets Temasek was a net positive investor in FY26, with follow-on purchases driven by lower valuations after external shocks. The firm favours sectors it has long studied such as consumer, healthcare and financial services while signalling increased interest in infrastructure and industrials.

On technology the firm has allocated resources to study artificial intelligence since 2019 and regards the application layer as a strong opportunity for India, the executives added. They indicated that Temasek may or may not pursue investments in the expanding data centre ecosystem and will evaluate such opportunities selectively. Viewed over a 10-year perspective the USD 42 bn exposure represents a four-time increase, reinforcing the firm’s long-term conviction in India despite global risks such as tariffs and geopolitics.

Singaporean investment firm Temasek reduced its India exposure to USD 42 bn in the financial year ended March 2026 from USD 50 bn a year earlier, with executives attributing the decline to a USD 6.4 bn exit from Schneider Electric in August 2025. They said currency fluctuations did not have a material impact and emphasised that India remains an important destination for the state-owned investment vehicle. The managing director Vishesh Shrivastav told PTI that India’s strengths include a young population and entrepreneurial talent. Temasek said India’s share of its overall portfolio, which rose to SGD 518 bn, fell to seven per cent from nine per cent as the relative value shifted. Executives characterised the reduction as a short-term change linked to specific transactions and reiterated an intention to grow the India portfolio. Earlier disclosures indicated a willingness to deploy up to USD 10 bn over a three-year term and up to USD three bn per year, though the firm declined to provide a current pipeline figure. A large portion of FY26 activity consisted of follow-on investments and selective commitments in renewable energy, including a stake in Cleanmax. In public markets Temasek was a net positive investor in FY26, with follow-on purchases driven by lower valuations after external shocks. The firm favours sectors it has long studied such as consumer, healthcare and financial services while signalling increased interest in infrastructure and industrials. On technology the firm has allocated resources to study artificial intelligence since 2019 and regards the application layer as a strong opportunity for India, the executives added. They indicated that Temasek may or may not pursue investments in the expanding data centre ecosystem and will evaluate such opportunities selectively. Viewed over a 10-year perspective the USD 42 bn exposure represents a four-time increase, reinforcing the firm’s long-term conviction in India despite global risks such as tariffs and geopolitics.

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