Former DBS Group CEO Piyush Gupta joins Temasek India as chairman

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

Temasek added that Gupta will also work closely with the India team on their investment strategies, and partner with and support Temasek portfolio companies as they identify opportunities in India. In addition, he will engage with the Indian government and business communities, the company added.

“Piyush brings extensive business insights and strong connections developed over decades in financial services,” said Dilhan Pillay, executive director and CEO, Temasek Holdings. “Complementing Ravi’s leadership of our India market, he will provide strategic counsel and help strengthen our institutional networks in India and beyond, enhance our franchise value, and expand our portfolio access,” he added.

27 years at Citigroup

As chief executive of DBS Group from 2009 to 2025, Gupta led its widely recognised digital transformation and regional expansion. Before joining DBS, he had a 27-year stint at Citigroup, where the position he held was CEO for Southeast Asia, Australia and New Zealand.

Gupta is also currently the deputy chairman of global asset manager Keppel, chairman of the board of trustees of Singapore Management University, and chairman of board at Mandai Park Holdings. He holds various senior advisory roles in Singapore and around the world as well, Temasek added.

“I am honoured with this opportunity to work with the Temasek India team. Having been engaged with the Temasek ecosystem for many years, I 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 of close to $324 billion as of 31 March. In 2024, it invested more than $1 billion for a 10% stake in Agarwal family-backed Haldiram Food International Pvt. Ltd, and around $2 billion for a majority control of Pai-family-operated Manipal Health Enterprises. Temasek’s India portfolio soared to $50 billion as of July 2025 from $37 billion as of July 2024, Mint reported at the time.