Asia Tech Wire (July 16) -- Singapore's sovereign wealth fund Temasek Holdings Ltd. plans to invest up to $12 billion over three years in sectors like financial services and healthcare in India.

Mohit Bhandari, Temasek's managing director for India investments, disclosed the investment plan in an interview on Monday.

India's economy is growing significantly and its stock market is trading near an all-time high, driven by a boom in IPOs and deals, Bhandari said.

India accounts for 7% of Temasek's global investments and the company is looking to further increase its investments in the country.

Temasek planned a year ago to invest about $9 billion to $10 billion in India over three years, but is raising that target to $10 billion to $12 billion given the overall economic growth outlook, he added.