Temasek Appoints Ex-DBS CEO Piyush Gupta as Chairman, India, to Sharpen $50Bn Investment Strategy

Singapore state investor Temasek has appointed Piyush Gupta, the former long-time chief executive of DBS Group, as Chairman, India, an advisory, non-executive role that takes effect on 1 December 2025.

Gupta will work alongside Ravi Lambah, Temasek’s head of India and strategic initiatives, to shape investment strategy, support portfolio companies and engage with Indian government and business stakeholders.

The appointment signals Temasek’s intent to deepen institutional engagement in one of its fastest-growing markets. Temasek’s mark-to-market exposure to India rose to about $50 billion in FY25, and the firm has said it plans larger, more selective bets in the country, making a high-profile local chairmanship a strategic move to strengthen deal flow and government ties.

What Gupta Brings?

Gupta, who led DBS from 2009 until earlier in 2025 and is widely credited with steering the bank’s digital transformation and regional expansion, will join Temasek in a counsel capacity rather than as an executive.

He currently holds several Singapore roles, including deputy chairman of Keppel and chairmanships on advisory boards, which Temasek said will complement his India remit. 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.

Role and Remit

Temasek described the post as non-executive and advisory. Gupta will help the India team refine investment strategies, partner with portfolio companies to identify growth opportunities, and engage with institutional and government stakeholders in India. The move follows Temasek’s recent reorganisation and a push to concentrate larger bets in the Indian market.

Temasek has been significantly scaling capital deployment in India, investing across sectors such as financial services, healthcare and consumer businesses and has been active on large deals and buyouts. Appointing a senior, locally focused chair signals an effort to deepen institutional relationships and accelerate selective, higher-value investments as the firm aims to expand its India footprint.