Who is Temasek?
Temasek Holdings is an investment company owned by Singapore’s Minister for Finance. It was set up in 1974 to own and manage assets previously held by the government 1. Its net portfolio value was S$518 billion (US$401 billion) at 31 March 2026 2. India made up about 7% of its portfolio, or US$42 billion of exposure, in that year 5. Its largest Indian holdings include Manipal Hospitals and Haldiram’s 812.
| Fact | Detail |
|---|---|
| Founded | 1974 1 |
| Owner | Singapore Minister for Finance 1 |
| Chief executive | Dilhan Pillay 2 |
| Chairman | Teo Chee Hean, since October 2025 4 |
| Net portfolio value | S$518 billion, March 2026 2 |
| India exposure | US$42 billion, about 7% 5 |
How Temasek works
Temasek says it is neither a statutory board nor a government agency, and its own description does not call it a sovereign wealth fund. Singapore’s president must approve any transaction likely to draw on past reserves 1. In the year to March 2026 it invested S$51 billion and sold S$31 billion. Its one-year total shareholder return was 10.5% in Singapore dollars, and its 20-year return 6.8% 2. About 52% of its portfolio is in Singapore-based companies 3. Former deputy prime minister Teo Chee Hean became chairman on 9 October 2025 4.
India
Temasek’s Indian exposure fell from US$50 billion to US$42 billion in the year to March 2026, mainly because it sold its stake in Schneider Electric India; executives said it remained overweight on India 5. In 2023 and 2024 it said it planned to invest up to $10 billion in India over three years 7. Former DBS chief executive Piyush Gupta became its India chairman in December 2025, and Ravi Lambah heads India 20.
| Company | Deal | Status |
|---|---|---|
| Manipal Hospitals | Bought a further 41% in 2023 for about $2 billion 89 | Listed August 2026 11 |
| Haldiram’s | About 10% for about $1 billion, 2025 12 | Private |
| Schneider Electric India | 35% stake | Sold to Schneider for about $6.4 billion, 2025 13 |
| Lenskart | $200 million with Fidelity, 2024 | Sold about 2% for about ₹1,934 crore in 2026; 4.71% left 14 |
| Pine Labs | 7.06% before IPO | Sold shares in the November 2025 IPO 15 |
| PB Fintech | Stake from the Makesense merger | Sold all for about ₹2,425 crore, 2024 16 |
| Adani Airport Holdings | Part of a ₹9,825 crore raise with other investors, 2026 17 | Private |
| Milky Mist | About ₹482 crore pre-IPO round, 2026 22 | Private |
Manipal Hospitals. Temasek first invested in 2017 and Reuters Breakingviews describes it as holding a controlling stake of about 51% 9. Manipal’s ₹9,275 crore IPO opened in July 2026 10, and its shares listed about 11% above the issue price on 5 August 2026 11. We did not find Temasek’s stake after the IPO.
Haldiram’s. Temasek’s purchase valued the snack maker at about $10 billion; reports said Blackstone was among the losing bidders 12.
Temasek was also an anchor investor in CleanMax’s IPO 21.
Controversies
FTX. Temasek wrote off its $275 million investment in the crypto exchange FTX after its collapse in November 2022. An internal review found no misconduct by staff, but the investment team and senior management had their pay cut, and Temasek said the episode had hurt its reputation 18.
Air India. In 2026 Singapore Airlines, majority owned by Temasek, faced calls for more capital for Air India, in which it holds 25.1%. An opposition MP objected to Temasek money being used to support the airline; a Temasek executive said it takes a long-term view and backs SIA’s investment 19.
Returns. In January 2026 a Singapore minister described GIC’s and Temasek’s returns as reasonable after criticism in the Financial Times 23.
See also GIC and all investors.