Piyush Gupta Joins Temasek’s India Push, Signalling a New Power Phase for the $50B Portfolio

Image taken from Euromoney.com

Temasek has tapped one of Asia’s most respected banking veterans, Piyush Gupta, to help steer its next chapter in India. The former DBS Group chief will take on the role of India Chairman in a non-executive capacity starting 1 December, marking a high-profile addition to the state-backed investment giant’s leadership bench.

Though not in an operational role, Gupta will work closely with Ravi Lambah, who leads Temasek’s India strategy, deepening the firm’s presence in a market that has become one of its fastest-growing investment destinations. Temasek said Gupta will collaborate with its India team on shaping investment priorities, support portfolio companies as they scout opportunities, and engage with government and industry leaders to strengthen the firm’s foothold in the country.

Temasek’s executive director and CEO, Dilhan Pillay, highlighted the significance of Gupta’s appointment, noting that his decades of experience in global financial services bring valuable networks and strategic insight. Pillay said Gupta will complement existing leadership, broaden institutional connections, and enhance Temasek’s ability to access high-quality opportunities across India and beyond.

Gupta’s professional journey spans major leadership roles, including 16 years as CEO of DBS Group, where he oversaw its digital reinvention and regional expansion. Before DBS, he spent nearly three decades at Citigroup, eventually serving as CEO for Southeast Asia, Australia, and New Zealand. His portfolio today includes senior positions at Keppel, Singapore Management University, and Mandai Park Holdings, along with a range of global advisory roles.

Reflecting on his new role, Gupta said he is “honoured” to contribute to Temasek’s India roadmap and looks forward to deepening partnerships and supporting the firm’s ongoing expansion in one of the world’s most dynamic markets.

Temasek, which manages a portfolio valued at around $324 billion, has been steadily increasing its India exposure. Its India book rose to $50 billion by July 2025, up sharply from $37 billion a year earlier. Recent investments include over $1 billion for a 10% stake in Haldiram Food International and nearly $2 billion for majority control of Manipal Health Enterprises—moves that underline its growing belief in India’s long-term growth story.