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Temasek is exploring investment opportunities in India's booming Indian Premier League (IPL) cricket league, a senior executive told Reuters, making the Singapore state investor the latest player to target one of the world's richest sports tournaments.
The IPL, once the preserve of Bollywood stars and Indian tycoons, is increasingly attracting sovereign wealth funds, private equity firms and billionaire investors as booming media rights and rising team revenues drive franchise values higher.
"IPL is a marquee property and we remain interested in it," Vishesh Shrivastav, managing director at Temasek India, said in an interview, declining to name any franchise it was evaluating.
"For the right opportunity, we would jump on it," he added, confirming the firm's interest in IPL for the first time.
Two major IPL franchise deals this year highlighted the competition's growing appeal. United Spirits, the Indian arm of Diageo, agreed in March to sell Royal Challengers Bengaluru at a USD1.8bn valuation to a consortium including billionaire David Blitzer's Bolt Ventures and Blackstone.
The IPL's valuation has climbed over the years to cross USD18.5bn last year, US-based investment bank Houlihan Lokey says.
Temasek has steadily expanded its India footprint, with portfolio exposure more than quadrupling over the past decade to USD42bn. Shrivastav said Temasek would continue to focus on financial services, consumer and healthcare in India.
Some of Temasek's India investments include snacks maker Haldiram's and Manipal Hospitals.