Temasek names ex-DBS chief Piyush Gupta India chairman to steer $50bn strategy

Temasek has appointed Piyush Gupta, the former chief executive of DBS Group, as its non-executive Chairman, India, in a move aimed at sharpening the state investor’s strategy in one of its fastest-growing markets. The advisory role takes effect on 1 December 2025, the Financial Times reported.

Gupta will work closely with Ravi Lambah, Temasek’s head of India and strategic initiatives, to refine investment strategy, strengthen engagement with government and business leaders, and support portfolio companies. The appointment underscores Temasek’s intent to deepen its institutional presence as it expands its footprint in India.

Temasek’s mark-to-market exposure to India rose to about $50bn in the financial year to 2025, making it one of the firm’s most significant geographies. The Wall Street Journal has noted that Temasek has been concentrating on larger, more selective bets in recent years, particularly in financial services, healthcare and consumer sectors. A high-profile India chairmanship is seen as reinforcing both deal flow and regulatory relationships.

Gupta led DBS from 2009 until early 2025 and is widely credited with driving the bank’s digital transformation and regional expansion. Bloomberg reported that DBS underwent major technology and productivity upgrades during his tenure, establishing it as one of Asia’s strongest financial institutions. Temasek said Gupta’s experience and networks across Singapore and India would complement its India strategy.

The firm described the role as advisory and non-executive, with Gupta expected to help the India team identify growth opportunities, refine due-diligence approaches and strengthen collaboration with institutional partners. He currently holds several board and advisory positions in Singapore, including deputy chairman of Keppel.

In a statement, Temasek CEO Dilhan Pillay said Gupta “brings extensive business insights and strong connections developed over decades in financial services.” Gupta said he looked forward to helping deepen partnerships and pursue new opportunities in India, particularly as the market becomes more central to global capital flows.

Temasek has reorganised internally in recent years to prioritise markets where it sees long-term upside. Analysts say the appointment of a senior figure with deep financial-sector experience signals the firm’s intention to lean further into India at a time of heightened competition for high-value assets.

While the firm remains cautious about global macroeconomic volatility, its India strategy is expected to focus on scale investments and a more hands-on approach with portfolio companies. Observers say Gupta’s return to a regional role could strengthen Temasek’s ability to navigate regulatory, political and commercial dynamics as India continues to attract global capital.