Temasek has previously invested in several businesses in India that were once run by commercial families, such as Manipal Hospitals and Dr Agarwal’s Health Care, an ophthalmology hospital chain operator.

Temasek said it remained optimistic about India's outlook and maintained its target set in 2023 to invest as much as $10 billion in Asia's third largest economy in India over the next three years. Temasek has invested more than $3 billion in India over the past year.

A senior executive of Temasek, an investment firm of Singapore government, revealed that Temasek is considering investing in more Indian family businesses. This comes after Temasek invested 10 billion US dollars in Haldiram Snacks, a major Indian food company.

In April 2023, Temasek spent $2 billion to increase its stake in Manipal Hospital from 18% to 59%, the largest deal ever in the Indian hospital industry. Temasek later sold its minority stake to Novo Holdings, the parent company of Novo Nordisk, and Mubadala, Abu Dhabi's sovereign investment firm, but retained a majority control stake in the chain.

Temasek said in another information that it "has eager to work with more family businesses to drive long-term value creation." But it did not reveal any potential targets.

The Indian family-owned enterprise with generations of strong local brands and loyal customers has attracted the attention of global investors in recent years. In March this year, Temasek acquired a 10% stake in Haldiram Snacks (branded by Haldiram’s) at a valuation of about $10 billion. Sources said it was a "precious asset" that would help investors expand their focus on Indian consumption.

India continues to be Temasek's best performing market over the past 10 years, and remains the world's fastest growing major economy and becomes the world's second largest IPO market in 2025.

Reuters reported from Mumbai on Monday (July 14) that Vishesh Shrivastav, managing director of Temasek India Investment, said in an interview with the Mumbai office: "We have been very active in investing in family businesses and we can invest in the entire value chain."

When asked about a possible public offering at Manipal Hospital, Vis said it was “a company with great potential for listing”, but did not disclose any further details.