Singapore’S Temasek Eyes $10 Bn Investment In Resilient India
Date
7/16/2024 2:30:33 AM
(MENAFN- IANS) New Delhi, July 16 (IANS) As the Indian Economy remains resilient on its way to become the world's third-largest one sooner than expected, Singapore's sovereign wealth fund Temasek is aiming to invest an additional over Rs 83,000 crore (about $10 billion) in the country in the next three years.
The potential sectors Temasek is eyeing for investment in India are healthcare, consumption, financial services, digitisation and sustainability, according to reports.
Ravi Lambah, Temasek's head of India and strategic initiatives said the new investment will take Temasek's total investment in India to a massive $47 billion.
The $10 billion potential investment excludes what Temasek subsidiaries will invest in the country, according to the company executive. Temasek has been investing in the country for the last 20 years and its India exposure makes up 7 per cent of its global portfolio by underlying assets, up from 4 per cent in 2020.
The Singapore-based wealth fund has invested in Indian companies like Mahindra Electric Automobile Limited (MEAL), Zomato, Lenskart.
Eyewear retailer Lenskart in June raised $200 million in secondary investment from Temasek and Fidelity Management & Research Company (FMR).
India's economy is growing rapidly, amid a stock market boom, making it an ideal nation to invest as China falters.
Last fiscal (FY24), Temasek deployed around $3 billion in India, its largest annual investment to date.
The startups in the country raised nearly $7 billion in funding during the first half (H1) of 2024, more than the $5.92 billion raised in H1 2023.
The $7 billion funding included 182 growth or late-stage deals worth $5.4 billion and 404 early-stage deals worth $1.54 billion.
About 99 were undisclosed deals, according to reports.
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