Temasek has appointed Piyush Gupta, the former chief executive of DBS Bank, as Temasek India chairman in an advisory capacity effective 1 December. The move underscores the Singapore state investment firm’s renewed focus on deepening its footprint in India, one of its fastest-expanding markets globally.
In this non-executive role, Gupta will collaborate closely with Ravi Lambah, Temasek’s head of India and strategic initiatives, and will work with the broader India team on sharpening investment strategies. He will also support Temasek portfolio companies as they pursue new opportunities in India’s rapidly evolving business landscape.
A key part of Gupta’s mandate will be strengthening Temasek’s institutional presence. He is expected to engage actively with government stakeholders, regulators and business leaders to help the firm navigate policy developments, build partnerships and widen its strategic access in India.
Gupta currently serves as deputy chairman of Keppel, chairs the board of trustees of Singapore Management University, and leads the board of Mandai Park Holdings. He also holds several global advisory positions.
Dilhan Pillay, executive director and CEO of Temasek Holdings, said Gupta’s appointment brings deep sectoral expertise and long-standing relationships across the financial services ecosystem. Pillay added that Gupta’s strategic counsel will complement Ravi Lambah’s leadership and help advance Temasek’s ambitions in India.
Gupta expressed enthusiasm for the role, stating that he looks forward to expanding Temasek’s partnerships and shaping new growth avenues in India.
His 15-year tenure at DBS, which ended in March, was marked by a landmark digital transformation and a nearly 270 percent surge in the bank’s share price. His operational experience and global networks are expected to add heft to Temasek’s India strategy.
Temasek has previously indicated intentions to deploy up to US$10 billion in India over a three-year period, with a focus on financial services, healthcare and high-growth sectors. Gupta’s appointment is widely seen as a strategic step toward consolidating that ambition.
At a time when regulatory complexity, capital flows and geopolitical shifts demand sharper risk intelligence, Piyush Gupta’s deep grounding in enterprise-wide risk governance, shaped significantly during his transformative leadership at DBS, positions him to guide Temasek’s India strategy with both ambition and prudence.
