Google streetview coming to Singapore

Checked the news after spotting their camera car outside the condo. You can find me when searching for Park West condo...

Close encounters of the LOL kind

Was walking along Robinson Road today when I saw a poser draped in this...

Temasek Holdings and GIC: A short profile of Singapore government investment firms

For those who have read my previous post on (Temasek + GIC) vs. RBI tug-of-war, here is some info on the Singapore government's two investment firms - Temasek Holdings and GIC.

Temasek Holdings
Mandate: After independence, the Singapore Government established Government Linked Companies (GLC's) to kick-start investments and growth in key industries. The aim was to setup companies that would put Singapore on the map as a leader in many emerging and important industry sectors; but which needed significant capital which could not be provided by individual entrepreneurs. E.g.: Singapore Airlines, Singapore Technologies, Chartered Semiconductor, Ports of Singapore Authority, Neptune Orient Lines, Singapore Mass Rapid Transit, DBS Bank etc etc.

Initially most of these investments were controlled by the Ministry of Finance (MoF). Temasek Holdings was setup to take charge of investments in many key GLC's. The original mandate was to continue to invest in local Singapore companies to provide them the capital to compete more effectively and develop key technologies on the global stage. Over the years, Temasek Holdings has also invested its returns in external companies and markets to improve returns.

Established: 1974

Portfolio size: US$ 80 billion

Average return: 18% compounded annually over 32 years

India direct investments:
ICICI Bank
ICICI OneSource (BPO)
Mahindra & Mahindra
Bajaj Auto
Apollo Hospitals
Medreich
Tata Teleservices
Reliance Energy
Shringar Cinemas

India fund investments:
Merlion Fund
WestBridge Capital Partners
Reliance India Power fund

Useful Links:
Temasek Holdings 2006 Annual Review
On The Prowl - Profile of India approach by BusinessWorld India
Profile of India approach by Asia Times



Government Investment Corporation





Mandate: To preserve the international purchasing power of the Singapore government's foreign exchange reserves.

Established: 1981

Portfolio size: US$ 100 billion

Average return: 9.5% compounded annually over 25 years

India direct investments:
Matrix Laboratories
Punjab Tractors
Ambuja Cement

India fund investments:
IDFC
Actis Private Equity Fund
IL & FS

Useful Links:
GIC India investment profile - BusinessWorld India
GIC investment returns - Asia Finance blog
Singapore: The red dot and the dancing elephant - BusinessWorld India

(Temasek + GIC) vs. RBI tug-of-war

Haha... What we all thought would happen has come to pass.

The Singapore government's uber-investment firms - Temasek Holdings and GIC had been stymied for some time in their efforts to each take a 10% sake in India's ICICI bank. The Temasek and GIC efforts were blocked by the Indian central bank - Reserve Bank of India (RBI). There is a law that caps to 10% the holdings of a foreign entity in an Indian financial institution. RBI had argued that since both Temasek and GIC were owned by the Singapore government, they are considered a single entity.

It had been commonly thought that RBI was simply jockeying with the law to negotiate a Singapore banking license for the State Bank of India (SBI). All of that has proved true. There is news that GIC and Temasek may be cleared by June to each take a 10% stake. In return, SBI will get a Singapore banking license.