From moderating conferences to traveling, Gupta has been engaged with a variety of activities

 

[SINGAPORE] Piyush Gupta signed off from his 15-year tenure at the helm of DBS Group last March, but has since begun wearing many other hats and stayed at the heart of Singapore&rsquo s corporate scene.

 

On Thursday (Feb 5), Keppel announced that the former DBS chief executive officer and current Temasek India chairman will be appointed chairman come Apr 17.

 

Gupta, 66, replaces Danny Teoh, 70, who is retiring after the company&rsquo s annual general meeting (AGM) that day.

 

From the boardroom of an asset-management giant to the inner sanctum of the Council of Presidential Advisers, here is the timeline of Gupta&rsquo s relentlessly busy second act.

 

The transition

The groundwork for Gupta&rsquo s post-banking life was laid well before his final day at DBS.

 

Jan 12, 2023: Gupta succeeded Ho Kwon Ping as chairman of the board of trustees at Singapore Management University.

 

Jun 1, 2024: He assumed chairmanship of Mandai Park Holdings.

 

Aug 15, 2024: Gupta then joined the government&rsquo s 21-member Future Economy Advisory Panel to provide expert advice in support of the next bound of Singapore&rsquo s economic growth and transformation.

 

Post-retirement

On Mar 28, 2025, Gupta retired as chief executive of DBS.

 

Jul 1, 2025: Gupta was appointed deputy chairman and non-executive independent director of Keppel. 

 

Aug 21 to Dec 31, 2025: He was appointed as the 17th SR Nathan Fellow at the Institute of Policy Studies to research and lecture on the development of Singapore&rsquo s financial sector.

 

Aug 2025: He joined the Campaign for Nature Global Steering Committee (GSC). 

 

Aug 28, 2025: He was appointed as alternate member of the Council of Presidential Advisers for a four-year term.

 

Dec 1, 2025: Gupta was appointed Temasek India chairman.

 

Apr 17, 2026: Gupta to replace Danny Teoh as chairman of Keppel.

 

Long-standing roles

Even before his retirement from DBS, Gupta had cultivated an extensive portfolio of appointments that he continued to hold afterwards. 

 

He continues to serves on the board of the National Research Foundation.

 

Furthermore, he remains a term trustee of the Singapore Indian Development Association and is co-chairman of the Birdlife International Advisory Group.

 

Other activities, leisure life

Separately, Gupta also hosted Deputy Prime Minister Gan Kim Yong in a fireside chat as part of an Indian Institute of Management (IIM) alumni event. 

 

He also moderated sessions in the SMU Visionary Series, as well as delivered IPS-Nathan Lectures, with companion pieces published in The Business Times. 

 

Beyond the postings and appointments, Gupta has also spoken publicly about his rich personal life since retirement, focusing on his interest in nature and longstanding passion for birdwatching.

 

He visited the Himalayas in April last year, hiking through the remote Kinnaur and Parvati Valleys of Himachal Pradesh with his wife and some close friends.

 

He journeyed to Sicily after, and then took a road trip through Ireland and had a short stay in London.

Loh Chin Hua, the asset manager&rsquo s CEO, is &lsquo very confident&rsquo deal will go through despite delay

 

[SINGAPORE] Keppel&rsquo s proposed special dividend of S$0.13 per share helped push the company&rsquo s shares up over 6 per cent in a single day. 

 

The special dividend, driven by Keppel&rsquo s &ldquo strong progress in asset monetisation&rdquo , is based on 15 per cent of the S$1.6 billion in gross monetisation value netted from transactions completed in FY2025. 

 

The payout would have been higher if the sale of its majority M1 stake had been included. But the divestment to Simba Telecom at an enterprise value of S$1.43 billion, announced in 2025, has yet to be completed. 

 

The asset manager said in August 2025 that it would receive nearly S$1 billion in cash from the sale of its 83.9 per cent interest.

 

Keppel chief executive Loh Chin Hua said in the company&rsquo s latest earnings briefing that the sale has been &ldquo a bit delayed&rdquo as it is subject to regulatory approval. 

 

&ldquo We still remain very confident that the deal will get done,&rdquo he said, adding that should the transaction be completed this year, gains from the divestment will be included in the monetisation value for 2026.

 

Keppel South Central

In response to Goldman Sachs&rsquo Xuan Tan&rsquo s question on when Keppel South Central will be ready for divestment, Loh said it is &ldquo crucial&rdquo to raise occupancy rates before considering potential monetisation. 

 

The 33-storey, Grade A commercial office tower in Tanjong Pagar with 650,000 square feet of space was completed in early 2025. 

 

Loh declined to disclose the asset&rsquo s carrying value but noted that it is &ldquo doing well&rdquo in terms of leasing, with committed occupancy of around 50 per cent. &ldquo In order to achieve a good outcome, we will need to raise the occupancy rates.&rdquo  

 

Piyush Gupta to be appointed Keppel chairman as Danny Teoh retires

 

Louis Lim, CEO of Keppel&rsquo s real estate division, added: &ldquo People who come to the building love it. But there is still a lot of tension in the market, where people think they can negotiate better rentals. 

 

&ldquo We are confident of the product, so we have actually held our prices. If not, it would be pretty much fully leased out.&rdquo

 

Based on various reports, Loh noted that &ldquo core CBD (Central Business District) office rents are actually tightening&rdquo . 

 

&ldquo So I think getting the occupancy up is crucial then after that, we will look at a potential monetisation.&rdquo

 

AI use, competition with global fund managers  

On Keppel adjusting its strategy around data centre investments amid artificial intelligence (AI) bubble fears, Loh noted that AI presents &ldquo tremendous opportunities&rdquo as a &ldquo kind of macrotrend&rdquo . 

 

Keppel&rsquo s AI journey &ldquo is still at a very early stage&rdquo , he said. &ldquo Like most companies, we started with a lot of sandboxes, maybe four or five years ago. And then in the last two years, starting from early 2024, we have started to take it very seriously.&rdquo  

 

Beyond fund management and investment, Loh said that the company is looking to embed AI into its whole organisation and business, including in operating divisions.  

 

&ldquo It is not just about efficiency gains it is really about building core competencies or giving us a superpower to do better,&rdquo he said. &ldquo We become more competitive, whether we are a fund manager, operator or building infrastructure assets.&rdquo  

 

Keppel also fielded questions on competition from other global asset managers, such as BlackRock and Global Infrastructure Partners.

 

Christina Tan, Keppel&rsquo s CEO of fund management and chief investment officer, stressed that the company is also an asset operator. 

 

&ldquo Unlike the financial general partners in this world who have to go out to buy assets or look for assets, we have our operating divisions that can actually create and develop these assets,&rdquo she said. &ldquo So, for example, if we are working with our connectivity team on data centres, we are able to create the data centres right from greenfield.&rdquo  

 

On the real estate front, Tan said that Keppel is working to provide sustainable urban solutions, greening older buildings and increasing the net operating income for such buildings to create value for investors. 

 

In terms of infrastructure, Keppel is working on power-banking, creating more power plants, and looking at environmental, water and waste, she added.

 

&ldquo So we are very fortunate that we do not need to just go out competitively to look for assets and deals we are able to source deals internally within Keppel, but also at the right price. We will always consider external deal flows when they come through.&rdquo