Former DBS Group CEO Piyush Gupta joins Temasek India as chairman

Piyush Gupta, former CEO of DBS Group, has joined Singaporean state-owned multinational investment firm Temasek as head of India, albeit in a non-executive role, and will work closely with Ravi Lambah, head of India and strategic initiatives, the company said. He will assume this position as of December 1.

Temasek added that Gupta will also work closely with the India team on investment strategies and partner and support Temasek portfolio companies as they identify opportunities in India. The company will also establish close relations with the Indian government and business community, he added.

“Piyush brings with him extensive business insights and strong connections developed over decades in financial services,” said Dilhan Pillay, Executive Director and CEO of Temasek Holdings. “Complementing Ravi’s leadership in our Indian market, he will provide strategic counsel and help strengthen our corporate networks in India and beyond, increase our franchise value and expand our portfolio reach,” he added.

27 years at Citigroup

As chief executive of DBS Group from 2009 to 2025, Gupta led digital transformation and regional expansion for which he was widely recognized. Prior to joining DBS, he spent 27 years at Citigroup, where he served as CEO for Southeast Asia, Australia and New Zealand.

Gupta is also vice chairman of global asset manager Keppel, chairman of the board of trustees of Singapore Management University and chairman of the board of directors of Mandai Park Holdings. Temasek added that he has held various senior advisory roles in Singapore and globally.

“I am honored by the opportunity to work with the Temasek India team. I have been involved in the Temasek ecosystem for many years, and look forward to collaborating with the team to deepen partnerships, pursue new opportunities and contribute to Temasek’s continued growth in India,” Gupta said.

Temasek is a global investment company headquartered in Singapore with a net portfolio value approaching $324 billion as of March 31. In 2024, it invested more than $1 billion for a 10% stake in Haldiram Food International Pvt., backed by the Agarwal family. Ltd and majority control of Manipal Health Enterprises run by the Pai family. Temasek’s India portfolio has grown from $37 billion as of July 2024 to $50 billion by July 2025. Mint reported at the time.