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KERENG/2002/6803

EDITORIAL www.seasonalmagazine.com

SeasonalMAGAZINE Vol 9 Issue 10 Cotober 2010 an eye for IPOs Managing Editor Jason D Pavoratti Editor The markets are continually breaching milestone highs in its effort John Antony to regain the past glory of 21,000+. Director (Finance) Ceena Senior Editorial Coordinator In this Issue, we cover microfinancing major Spandana’s probable Jacob Deva IPO plans. Among the hundreds of large microfinancing firms Senior Correspondent Bina Menon operating in this country, only around 50 are scalable, and only Creative Visualizer Bijohns Varghese around 4 to 5 mature players among these 50 are expected to tap Photographer capital markets this year or the next. Anish Aloysious Correspondents Bombay: Rashmi Prakash Hyderabad: Iqbal Siddiqui Delhi: Anurag Dixit Director (Technical) John Antony Publisher Jason D

Editorial & Business Office Cochin: 36/1924 E, Kaloor-Kadavanthra Road, Near IGNOU, Kaloor, Cochin-17. Ph:0484- 2345876, 2534377, 2340080 Mob. 09947141362, 09947258505

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Bangalore: House No: 493, Block 3 3rd Main, HBR Layout, Bangalore-4209731984836, We zeroed in on Spandana not just because they were the first to Email:[email protected] www.seasonalmagazine.com announce tentative plans post SKS IPO. Many large players like Share Microfin and quality players like Equitas do exist. But UK Office: “CRONAN”, Boundaries Road Spandana does have some unique credentials to back it. While Feltham, Middlesex, UK TW13 5DR Ph: 020 8890 0045, our research uncovered many of these USPs, our continuous Mob: 00447947181950 dialogues with industry insiders as well as with Mrs. Padmaja Reddy Email: [email protected] did the rest. Reg No: KERENG/2002/6803 Now, one question is whether we endorse this IPO or other IPOs Printed & Published by Jaison D on behalf of PeteCarlson Solutions Pvt. Ltd. at we cover. The quick answer is yes, but with one caveat. Please do Cochin. Printed at Rathna Offset Printers, Chennai-14. All Rights Reserved by have a look at that little ratio called P/E when considering IPOs. PeteCarlson Solutions Pvt. Ltd. No part of this publication may be reproduced by any Many among us are adept at looking at this while buying shares means, including electronic, without the prior written permission of the publisher. from the secondary market, but miss this altogether when subscribing to IPOs. Can’t be blamed as P/E ratios are not reported

All India Distributor: India Book House, Mumbai at all for IPOs, at least in a readable size. But not looking at P/E is UAE Distributor: Malik News Agency & Distributors Dubai like not looking at MRP while buying durables or not verifying

All health related articles are for first interest rates while placing an FD! information purposes only. Always consult your doctor before taking any decison affecting your health. John Antony MEMBER Contents

Be lucky - it’s an easy skill to learn Those who think they’re unlucky should change their outlook and discover World M&A Focus Turns how to generate good fortune, says psychologist Richard Wiseman. to India as West Slows Down 5 Huge Trends in “Manappuram is Standard Chartered Plc, ranked 14th among Social Media Right Now Redefining merger advisers in India last year, has What’s the first thing young climbed to number two by financing women do when they wake up? How Gold Loans Are Check Facebook. How do Looked Upon” COAL INDIA PUBLIC ISSUE enterprise employees pass the Riding on the response from a mega The IPO the Nation Waits campaign to promote the cost- effectiveness, convenience, flexibility, & For safety of gold loans, Manappuram Group India’s largest and the world’s third largest IPO Did the Answer of is all set to double its loan book this... is coming, with some estimates putting the final size at Rs. 17,000 crore. With an operating Miss Philippines 2010 fiscal and again in next fiscal. Powering margin of 30%, cash reserves of over Rs. 39,000 the rapid growth will be a Rs. 1200 crore, quite reasonable offer valuations, and an Cost Her the Miss ambition to grow quantitatively and qualitatively Universe Crown? despite its already world-dominating production, Once again a frontrunner in a pageant has presented an answer that some believe may have cost

One More Way to Avoid Diabetes: Breastfeed New moms know that breastfeeding can be good for babies, providing them with much-needed nutrition as well as a shot of antibodies and other cells that help build immune systems. Now,..

Manappuram Group as part of its CSR is sponsoring Kochi’s noted art commune, JT Pac, for this year Contents Sobha to Raise a Jurong at Kochi, But from a Lake Singapore raised Jurong Island from sea in 2000. But 60 years before this, Kochi had raised Willingdon Island. But the same Kochi is raising a hue and cry over NRI billionaire from Kerala, PNC Menon’s plan to raise the 400 acres Sobha Hi-Tech City from Google, The Film: Internet Giant to Star in Hollywood Film The founding of Google, the internet giant, is to be the subject of a Hollywood film.

Prestige Redefines Luxury with Silver Oak Bangalore headquartered Prestige Estates Projects is continuing their efforts to differentiate themselves from SPANDANA SPHOORTY IPO competition by launching distinctly premium projects like Can Spandana Deliver Silver Oak, which is mainly a Madonna schedules 15-minute a MicroFin IPO appointments with kids Madonna’s kids have appointments made to spend time with You Shouldn’t Miss? their superstar mum, according to reports. At over 4 million customers, Rs. 15,000 crore total disbursements, The Material Girl’s personal assistants are said to schedule time annual growth rate of 100%, the highest employee productivity and for her with Lourdes, Rocco, David.. lowest Opex in South Asia, an RoE running between 50 to 60%, and an unbelievably high pre-issue EPS of Rs. 152 on a Rs. 10 share, investors are sure to look twice at Spandana if it goes forward with its IPO plans. Seasonal Magazine interviews Mrs. Padmaja Reddy for this story: Will History Haunt Future? Kishore Biyani is a successful man. MCA RECREATION CENTRE Now, even in capital markets. That is why the Pantaloon / Future conglomerate is tapping the markets More Than a Club for a third time. But prudent investors are sure to take a hard look Mumbai Cricket Association’s Recreation Centre (MCA RC) is racing at the Group’s capital markets towards completing two years of existence. Even within this short history while assessing Future span, the elite club has evolved into a lifestyle hub that enriches Ventures’ IPO. Since its IPO in 1991- the life of all at home and office. No wonder then that MCA RC has received such a tremendous response to its membership drive from families and blue chip corporates. The credit for the success of this Dell launches $ 100 Aero smartphone joint venture goes to the influential Mumbai Cricket Association and the visionary infrastructure player, the Shirke Group. Rajiv Dell Inc on Tuesday released its first US smartphone, entering the in- Wagh, Vice President of MCA RC, explains to Seasonal Magazine creasingly crowded market with a 3.5-inch Android device called the Aero that costs about $ 100 on AT&T's network. The long-anticipated move by the computer manufacturer puts Dell in competition with Apple Inc, the market leader in smartphones, and with a clutch of other phones that use Google Inc's Android operating system. Verizon to Launch iPad Live TV App Verizon Communications plans to launch a software application for mobile devices that will enable the FiOS TV customers to watch live television shows and movies on Apple Inc.'s (AAPL) iPad. Contents

COAL INDIA PUBLIC ISSUE

The IPO the Nation Waits For India’s largest and the world’s third largest IPO is coming, with some estimates putting the final size at Rs. 17,000 crore. With an operating margin of 30%, cash reserves of over Rs. 39,000 crore, quite reasonable offer valuations, and an ambition to grow quantitatively and qualitatively despite its already world- dominating production, nobody is doubting whether Coal India’s IPO would be a success. Already a feather in the cap for Sriprakash Jaiswal, Minister of State for Coal, and Partha S Bhattacharyya, Chairman of Coal India, the only thing investors are looking for from this IPO will be the kind of capital market stewardship Coal India will accord its scrip, post-listing. If CIL can achieve this investor confidence, this public issue can set records in subscription.

Contents

At over 4 million customers, Rs. 15,000 crore total disbursements, annual growth rate of 100%, the highest employee productivity and lowest Opex in South Asia, an RoE running between 50 to 60%, and an unbelievably high pre-issue EPS of Rs. 152 on a Rs. 10 share, investors are sure to look twice at Spandana if it goes forward with its IPO plans. Seasonal Magazine interviews Mrs. Padmaja Reddy for this story: Enriching Lives Pursuing a structured CSR policy around our coal mining areas based on immediate and long term social and community development programmes Earmarked 5% of subsidiary profit of the previous fiscal subject to a minimum of Rs.5 per ton of raw coal production in the previous fiscal year for its CSR activities Providing medical services to employees, their families and local population by supporting 85 hospitals and 1565 doctors as of March 31, 2010

Providing water facilities to people living near our areas of operation by installing hand- pumps, tube-well, rain water, harvesting schemes, digging and renovating wells. Establishing educational institutions that offer courses in engineering, nursing, management studies, medicines and other technical courses. Providing skills development and capacity building programmes such as vocational training, programmes supporting technical and vocational educational institutions, provide assistance to primary middle and higher secondary schools, provide parental counseling, run awareness programmes and others.

Coal India Limited is proposing to make a public issue of securities and has filed a Draft Red Herring Prospectus (“DRHP”) with the Securities and Exchange Board of India (‘SEBI”). The DRHP is available on the SEBI website at www.sebi.gov.in as well as on the websites of the book running lead managers at http://www.online.citibank.co.in/rhtm/citigroupglobalscreen1.htm, www.db.com/India, www.dspml.com, www.enam.com, www.kmcc.co.in and www.morganstanley.com/indiaofferdocuments. Investors should note that investment in equity shares involves a high degree of risk and for details relating to the same, see the section titled “Risk Factors” of the DRHP”. “The announcement is not an offer for sale or solicitation of an offer to buy securities in any jurisdiction, including the United States. This announcement has been prepared for publication in India and may not be released in the United States, Australia, Canada or Japan. The securities of Coal India Limited have not been registered under the U.S Securities Act of 1933, as amended (“Securities Act”) and may not be offered or sold in the United States absent registration under the Securities Act or an exemption from registration under the Securities Act. There will be no public offering of securities in the United States.” “The Company has not been, and will not be, registered under the U.S Investment Company Act of 1940, as amended, and investors will not be entitled to the benefits of that Act.” Contents

Even bigger players like EmaarMGF & Lodha are waiting on the sidelines unwilling to take the IPO plunge, learning from the recent lessons of Nitesh & Jaypee. But Oberoi Realty has identified that the market sentiment is better, which even while being true for the main indices, doesn’t apply to the realty index at all, which continues to be risky, having lost another 10% since the beginning of this year. However, Oberoi is banking on some differentiating strengths like its low debt levels and low land holdings, which has resulted in an above-average IPO rating. But according to some recent unconfirmed reports the Group’s pre-IPO valuation has suffered since the original IPO announcement, having reportedly halved from Rs. 14,000 crore to Rs. 7000 crore. This may affect the book value of the share as well as force the promoters to part with a bigger stake to collect the Rs. 1000 to Rs. 1500 crore eyed. But all eyes will be on the offer’s price-to-earnings ratio. If Oberoi is willing to offer at a reasonable P/E between 15 to 20, there is a good chance of investors warming up to it. But P/E multiples in the 20s and 30s would be a tough call. Kishore Biyani is a successful man. Now, even in capital markets. That is why the Pantaloon / Future conglomerate is tapping the markets for a third time. But prudent investors are sure to take a hard look at the Group’s capital markets history while assessing Future Ventures’ IPO. Since its IPO in 1991- 92, Pantaloon has a history of losing money for investors, floating around as a pennystock in single digits for the better part of six long years from 92-93 to 98-99, trading even as low as Rs. 1.50. The Group’s second listed firm, Future Capital Holdings, has a shorter capital markets history of barely three years, but not much less of a

Upcoming CoverStory Events,Events,Events,Events,Events,Events, AwardAwardAwardAwardAwardAwardssssss TTTTTTouristsouristsouristsouristsouristsourists RainRainRainRainRainRain oooooo IncredibleIncredibleIncredibleIncredibleIncredibleIncredible IndIndIndIndIndIndiiiiii A $1 billion windfall awaits the country’s hospitality industry this season as ‘Incredible India’ almost gets its act right by way of events and promotions. ssssss,,,,,, &&&&&& ooonnnnnn iiiiiiaaaaaa

Also inside: 8 Breathtaking Kerala Destinations Upcoming CoverStory

It is a monsoon of a different kind. Even while heavier-than-usual monsoons lash across the country, raising the economy’s hopes, India’s tourism industry has been blessed with a downpour of events, awards, & tourists. Conde Nast Readers Travel Awards have been announced, and India was adjudged as the 7th best tourist destination, overtaking tourism heavyweights like France, Brazil, Thailand, & Greece this year. True to the Indian spirit of ‘Aditi Devo Bhava’, the country came as the very first in warmth of its people and hospitality with the highest score of 94.44 / 100. India’s efforts, backed by an annual overseas promotional spend that now stands at Rs. 275 crore seems

Once Upon a Forest

No marks for guessing Kerala’s most preferred destinations among international tourists – it is well-known tourist spots like Kumarakom Lake and Varkala Beach. But try to guess Kerala’s most preferred destination among domestic tourists these days, and you will be hard pressed for an answer unless you yourself haven’t visited Kerala as a domestic tourist from say, Bangalore or Chennai. Enter Kerala by cruising down through the Mysore-Kozhikode National Highway No 212, and you will enter this destination – the one and only Wayanad. And greeting you Kerala Destinations Kerala at the very Kerala border is Muthanga Wildlife Sanctuary. Now, Muthanga brings different memories to different people. For domestic tourists from Bangalore and Chennai – most of them groups of young couples working at new generation companies – Muthanga is their first taste of Wayanad, complete with forests, indigenous people (‘adivasis’), streams, elephants, wild boars, deer, tigers, and other wildlife. But for Keralites, Muthanga is an unfortunate memory, where police opened fire to evict ‘encroaching’ adivasis, some years back. Anyway, Muthanga is peaceful land now and is a major tourist attraction in Wayanad. The sanctuary is spread over an Muthanga, Way Breathtaking Breathtaking Inside a suite in The Taj Mahal Palace, Mumbai

expansive 345 sq km forest land, and comes under the Indian Government’s Project Elephant. This sanctuary is part of the protected Nilgiri Biosphere Reserve, and is contiguous with Nagarhole National Park and Bandipur Tiger Reserve of Karnataka, and Mudumalai National Park of Tamilnadu. The main attraction of this Wayanad destination are the herds of wild elephants that roam freely. While other species like deer, monkeys, birds etc are frequently spotted, more aggressive ones like wild boars and tigers can also be seen occasionally. The rich flora in Muthanga comprises of trees and plants that belong to the moist deciduous semi evergreen forests. Scientific conservation is given high preference in these natural forests, complete with conserving the native lifestyle of the tribals. Rides on tamed elephants are arranged by the Forest Department. The nearest town is Sulthan Bathery of Wayanad District which is 16 kms away, while the nearest airport is Karipur International Airport, Kozhikode, which is 136 km away. The best time to visit Muthanga and Wayanad is between June and October when the monsoons nourishes and paints the yanad forest the richest green you have ever seen. Upcoming CoverStory

to have delivered, with international tourist arrivals up by almost 10% in the first half of this year. Not bad at all considering the global economic downturn, as well as the Mumbai terror attacks. Tourism events are also on a huge upswing, from Assam to Goa, Delhi to Kerala. If Guwahati posted the India International Travel Mart recently, Goa is all set to host the International Travel Mart - Goa (ITM-Goa), with none other than Amitabh Kant, IAS, former Joint Secretary of the Union Tourism Ministry, and the man behind thee ‘Incredible India’ campaign being the keynote speaker. Soon to follow The Oberoi Rajvilas, Jaipur

Imagine a land where man has not dwelled till now. Yes, not even indigenous tribes. An ice empire like Antarctica was one such place – till exploration No Man’s Land teams set base there. Another topography that makes dwelling tough for humans is the montane rainforests, which are high altitude rainforests. And what happens in a montane rainforest, when humans can’t invade? The rich flora and fauna thrive unhindered over the ages to create an invaluable region of unimaginable biodiversity. Kerala is home to such a paradise. Welcome to the one and only

Kerala Destinations Kerala Silent Valley. Breathtakingly beautiful, disturbingly dangerous, and wonderfully virgin. This rainforest got its name from early British explorers & botanists, like Robert Wight, who in 1847 observed that the place was devoid of Cicadas, which contribute most to the non-stop noise in thick forests. Unlike popular tourist destinations in Kerala, Silent Valley is not for everyone. In fact, it is not a tourist destination in the classical sense – it is a mountainous rainforest which can’t be enjoyed fully without trekking.

Breath-taking Breath-taking Silent Valley, Palakkad However, you can choose the extent of the trek – from a short 2 km downhill day trek to the sparkling approached from two sides, with the popular route ‘Kunti Puzha’ (River Kunti), to overnight treks, to treks being Palakkad – Mannarkad – Mukkali – Sairandhri that last 3 nights and 4 days with nights spent at – Silent Valley. The Mukkali – Sairandhri segment camping spots deep in the forest! Because, there is so is a 23 km stretch of steep winding roads. The much to explore at Silent Valley that spreads over 22,121 destination of Sairandhri is the entry point of the acres, and over 80 km of trekking length. But don’t think Park, and walking is the only way to get around once this no man’s land is open for anyone and everyone – inside the Park. Another interesting route to Silent you have to get special prior permission from forest Valley involves a heavy downhill trek of over 3 days - authorities, and, believe it or not, a forest guard cum Bangitapal – Walakkad – Poochipara – Sairandhri. guide will accompany each and every trekking group – However, 3 days of walking with 3 overnight stays at whether it is a single day trek or multiple days trek. Bangitapal, Walakkad, & Poochipara is not for Because, Silent Valley is that precious; it is not just an everyone, and is generally taken by adventurous uninhabited rainforest. It is a rare rainforest of national tourists approaching Silent Valley from Ooty. This importance and international renown. Since 1983, it will be a surprise to many, but from the “Queen of has been designated as Silent Valley National Park. One Nilgiris”, Bangitapal is only a 75 km drive away. In is not permitted to litter the place with plastic, disturb fact, Silent Valley forms the most precious core of the animals & birds, or injure the plants & trees. This the Nilgiri International Biosphere Reserve. The Noah’s Ark is home to numerous birds and animals, names ‘Kunti’ and ‘Sairandhri’ (Draupadi) shed light many of them endangered species. The Park is home to on this region’s religious significance; Hindus believe over 138 bird species, of which 16 are endangered. Pandavas had visited this place while in exile. For Numerous animals including tigers, leopards, & Keralites, Silent Valley has always been an elephants, are found here, with endangered species like environmental issue too, with proposals for lion-tailed macaque and Nilgiri langur hogging more hydroelectric projects coming up every now and then. limelight. The Park is also garden to a delightful The newly designated buffer zone around the Park collection of over 100 butterflies and 400 moths. will help in pre-empting such projects as well as However, one species will alarm the trekkers – the unlawful activities like ganja cultivation and illicit almost unavoidable leeches. Silent Valley can be brewing. Upcoming CoverStory

Athirapilly, Thrissur River Wild

She has many moods, and what you see here is not her wildest. Come the monsoon, and she can transform herself to a more voluptuous figure – plunging down multiple times the water that you now see in the main photo. She is the Athirappilly Falls, arguably Kerala’s finest waterfall. She contributes to the river ‘Chalakudi Puzha’; better put, she is Chalakudi Puzha. Athirapilli is not wild just for its unhindered drop from over 80 feet of Kerala Destinations Kerala untamed black rocks; its location is right inside a wilderness – the dense Sholayar forest ranges. The lure of this waterfall is that you can spend a whole day here, and still don’t feel like leaving. There are many things you can do here. You can float around in the rock-laden pure medicinal waters, almost a safe kilometre before Athirapilly takes the plunge (caution needed). Or you can climb down a lengthy forest trail to be where the million litres of water hit

Breath-taking Breath-taking the river down with deafening rumbles and spraying will be God’s Own Country’s Kerala Travel Mart 2010. The state which pioneered organized destination marketing in the country is however facing increased competition from emerging players like Assam which was recently adjudged to have the best promotion in a recent event. At the same time, Kerala Tourism, under the guidance of Tourism Minister Kodiyeri Balakrishnan and Dr. Venu V, IAS, is focussing more on growing domestic tourism now, after conquering key international markets like Britain, Germany, & France. This move has been productive with domestic footfalls The Leela Palace Kempinski, Bangalore jumping to 75 lakh from 66.42 lakh in the previous year, and the domestic

cool. Just 5 km from Athirappilli, there is mist (adventure needed). Or you can another waterfall, Vazhachal, which is swim through the river to stand between lesser in height but nevertheless competes the plunging waters and the rock columns in beauty. Some areas of Vazhachal are (madness needed). Or back up through cordoned off from visitors, as it has proved the forest trail, you can even tread, wade, much more fatal to the foolishly and swim through the river to perch right adventurous. However, tourists can enjoy next to where Athirapilly takes the plunge the full scene through the wire-nets here. (not at all advisable). In fact, lurking Resorts and hotels are less in number at dangers has always been Athirapilly’s Athirapilly compared with many other biggest drawback. Many have lost their destinations, while homestays have lives here, despite serious warnings put started to come up only recently. There are up by the local authorities and police. a couple of water theme parks, and a However, for the less adventurous and for boating service, enroute to the those who exercise sufficient caution, destination. Recently, a proposal by the Athirapilly is a completely safe place even Kerala Government to establish a 160 with kids. The water is cool and sparkling, megawatt hydroelectric power project on and a few minutes of being in it the Athirappilly River has met with stiff invigorates one like nothing else can. The resistance from environmentalists who waterfall is best enjoyed in the monsoon fear destruction of the river, waterfall, and season – with daytimes best suited for ecosystem. Athirappilli belongs to being in the water; and dusk suited for Thrissur District, and is 63 km away from panoramic views of the larger picture. the city. Nearest town is Chalakudy, 30 km During scorching summers, water flow away, while the nearest airport is Cochin becomes less, but it remains surprisingly International Airport. Upcoming CoverStory

tourists pouring in from a Marriott Hotel, Hyderabad copy wider set of cities and towns, and not just the metros. Kerala recently bagged the ‘Most Preferred State’ and ‘Best State Tourism Board’ awards from CNBC Awaaz. The state’s hotels also continue to outperform with Kochi’s Taj Malabar winning the ‘Most Preferred Health & Rejuvenation Resort’ and Fort Kochi’s Malabar Home winning the ‘Best Boutique Hotel’ awards. Three homestays in the state has also come in the Top-10

geographic dynamics of Kuttanad. Believe it or not, around half of Kuttanad – around 1,23,500 acres – From Here lie below the sea level! More precisely, 2.2 metre to 0.6 metre below sea level. And sea is not far To Eternity either; while only a narrow strip of land separates Kuttanad from

Most Kerala destinations have to ‘work hard’ to keep themselves beautiful. The waves at Varkala have to continually splash against the sands, to keep the tourists coming. The river at Athirappilly has to continually jump down to depths to keep visitors amused. But there is one destination in Kerala that amazes all travellers by doing nothing – Kuttanad. She can take your breath away, leave you speechless, and remind you of eternity – all in one stroke, a glance of her. She is the woman

Kerala Destinations Kerala who wakes up beautiful. Endless green fields, sunbathed water bodies, swaying coconut palms, and a labyrinth of waterways, are only some of the scenes that makes ‘The Rice Bowl of Kerala’ a tropical paradise. All destinations can be explained, but Kuttanad can only be experienced. Or, how will you explain that 2,71,700 acres of land is water-logged here? Or, how will you explain that a majority of this land is submerged under water for most of the year? Or, how will you explain that despite this, she is the most fertile land for the staples in Kerala? Quite Kuttanad, Alappuzha

Breathtaking Breathtaking difficult. But even more difficult to explain is the incomparable Radisson Hotel, Chennai copy

Arabian Sea, Kuttanad is directly connected to shores for country boats that bring grocery and Vembanad Lake which is connected to the sea! vegetables? Where else will you find flocks of parrots Amazing, isn’t it? However, you have only scraped her feeding from paddy fields, and flocks of darters flying surface until now. Kuttanad is nourished by four major across water? Get ready to also explore shrimp farming rivers – Pamba, Meenachil, Achankovil, & Manimala and at least half a dozen fishing methods. There are – and her vastness is crisscrossed by numerous canals numerous ways to explore Kuttanad. You can use the and waterways. Many of the inland waterways will roads, you can use the waterways, or better still, a astonish the first-time visitor – they flow above the land combination of these. Don’t forget to stop at wayside level! During monsoon, the rivers bring freshwater to or waterside eateries serving local delicacies like the region; and during summer, sea water enters ‘Karimeen’ (pearl spotted fish) with Tapioca. The Kuttanad making the water brackish. And Kuttanad has 2,71,700 acres of land that make up Kuttanad falls into a unique claim to fame – it is the only place on this three districts, Alleppey, Kottayam, & Pathanamthitta. whole earth where paddy is cultivated below sea level; Kuttanad is also broadly classified into Lower Kuttanad and one among a few places in the world where any and Upper Kuttanad. While Lower Kuttanad is kind of farming is done below sea level! Now you predominantly made up of areas in Alleppey & should be beginning to appreciate the gumption of the Kottayam, Upper Kuttanad consists of areas in Alleppey people who call Kuttanad home, and who has toiled & Pathanamthitta. Many Kuttanad villages have become with land and water alike to survive. They are the people legends of their own in Kerala’s social, cultural, who once completed a dam (Thanneermukkam Bund) historical, tourist, literary, and religious existence. all by themselves, when Government action was stalled Famous Lower Kuttanad villages include Kumarakom, due to lack of finance. To this day, this earthen segment Nedumudi, Kavalam etc, while Upper Kuttanad has of the dam is in action, preventing salt water from celebrity villages like Niranom, Thakazhi, Parumala etc. entering the fields. Yes, the nearly 2 million people of During the recent decades, Kuttanad has been affected Kuttanad and their unique lifestyle is something worth by environmental problems like water pollution, exploring for the discerning tourist. Where else will drinking water shortage, & lake encroachments. The you find men in small boats shepherding a paddling of most scenic views of Kuttanad are seen on the ducks? Where else will you find women waiting at canal Alappuzha-Changanassery road that spans 31 km. Upcoming CoverStory

homestays compilation by London’s Guardian. Elsewhere in the country, many states are going that extra mile to win tourists on specific themes with the most productive these days being the wildlife theme with sanctuaries like Ranthambore and Sariska in Rajasthan, The Jim Corbett in Uttaranchal, Kanha, Bandhavgarh, Pench, & Panna in Madhya Pradesh, much in demand now. But the biggest driver for Incredible India is going to happen by way of Commonwealth Games, when lakhs of foreign and domestic tourists are expected to throng the national capital. The momentous nature of this event can be seen from the fact The Zuri White Sands, Goa Resort & Casino

Kochi, Ernakulam Dt. Deep Blue Sea

Some Kochiites might not agree with the title, ‘Deep Blue Sea’. Because, what we see here is a view from Kochi’s famed Marine Drive, and the view is technically of Vembanad Lake. Kochi (earlier Cochin) is on the Arabian Sea coast, but the city is also witness to the confluence of Vembanad Lake and Arabian Sea. But when lake meets sea, what can demarcate between them? Kochi is the only city covered in this compilation of breathtaking Kerala destinations; all others are forests, valleys, waterfalls, mountains, lakes, & beaches. In fact, that is one of Kochi’s prime strengths – despite being a bustling city Kochi holds

Kerala Destinations Kerala enough natural charms to rival any destination in Kerala. The geography is that unique. Kochi is made up of mainland, islands, backwaters, lagoons, seasides, and what not. Kochi can be rightly said as a destination of destinations. Beaches like Cherai & Fort Kochi; islands like Willingdon, Bolghatty, Vallarpadam, & Vypeen; mega infrastructures like Cochin Port Trust & Cochin Shipyard; and heritage locations like Mattancherry and Tripunithura Hill Palace, are all destinations unto themselves. Kochi City Breathtaking Breathtaking belongs to Ernakulam District, while the mainland portion of the city is often called Ernakulam Town. Kochi has a generous coastline of 48 km, and is virtually at the sea level. The metropolitan limits of Kochi include a scattering of islands on the Vembanad Lake, ranging from tiny 250 acre islands to modest 1500 acre ones. Water bodies are the principal tourist attraction of Kochi, and the sea-lake confluence can be explored through various short and long trips in boats. Regular public ferry services are also available from the two ferry stations in the mainland Ernakulam Town. Popular ferry trips from the main boat jetty include the 15-minute trip to Willingdon Island; the 20-minute trip to Fort Kochi; the half-hour trips to Mattancherry & Vypeen; and the 2-hour journey to Varapuzha. Longer travels connecting all these spots, as well as timed pleasure trips to the lake, the sea beyond, and back, are also available. There are also a wide variety of boats available – from small speedboats, to stately houseboats, to big commercial boats with food, dance, & music. Exploring the expanse of Kochi Harbour in a Upcoming CoverStory

ITC Maurya, New Delhi

Cold Mountain

Some Kochiites might not agree with the title, ‘Deep Blue Sea’. Because, what we see here is a view from Kochi’s famed Marine Drive, and the view is technically of Vembanad Lake. Kochi (earlier Cochin) is on the Arabian Sea coast, but the city is also witness to the confluence of Vembanad Lake and Arabian Sea. But when lake meets sea, what can demarcate between them? Kochi is the only city covered in this compilation of breathtaking Kerala destinations; all others are forests, valleys, waterfalls, mountains, lakes, & beaches. In fact, that is one of Kochi’s prime strengths – despite being a bustling city Kochi holds enough natural charms to rival any destination in Kerala.

Kerala Destinations Kerala The geography is that unique. Kochi is made up of mainland, islands, backwaters, lagoons, seasides, and what not. Kochi can be rightly said as a destination of destinations. Beaches like Cherai & Fort Kochi; islands like Willingdon, Bolghatty, Vallarpadam, & Vypeen; mega infrastructures like Cochin Port Trust & Cochin Shipyard; and heritage locations like Mattancherry and Tripunithura Hill Palace, are all destinations unto themselves. Kochi City Mattupetty, Munn Breathtaking Breathtaking The LaLit Resort & Spa Bekal

that Delhi has declared nobody expects the National holidays during the span of the Capital Region (NCR) to event, and unprecedented contain the flow, and moves like Bread & Breakfast neighbouring states like UP, (BnB) Schemes by Delhi Rajasthan, Orissa, and even households are being the Southern States are organized to accommodate the bracing themselves for spill- tourist inflow. Even then, over traffic. All in all, some

belongs to Ernakulam District, while the mainland portion of the city is often called Ernakulam Town. Kochi has a generous coastline of 48 km, and is virtually at the sea level. The metropolitan limits of Kochi include a scattering of islands on the Vembanad Lake, ranging from tiny 250 acre islands to modest 1500 acre ones. Water bodies are the principal tourist attraction of Kochi, and the sea-lake confluence can be explored through various short and long trips in boats. Regular public ferry services are also available from the two ferry stations in the mainland Ernakulam Town. Popular ferry trips from the main boat jetty include the 15-minute trip to Willingdon Island; the 20-minute trip to Fort Kochi; the half-hour trips to Mattancherry & Vypeen; and the 2-hour journey to Varapuzha. Longer travels connecting all these spots, as well as timed pleasure trips to the lake, the sea beyond, and back, are also available. There are also a wide variety of boats available – from small speedboats, to stately houseboats, to big commercial boats with food, dance, & music. Exploring the expanse of Kochi ar Harbour in a Upcoming CoverStory

estimates put the windfall for the country’s hospitality industry at around Rs. 5000 crore this season. Though the infrastructure continues to be woefully inadequate, and will be so even after the CWG, there are silver lines in the clouds like the ambitious airport modernisation program for 35 Tier-II airports across the country, slated to be completed by 2012. Club Mahindra, Munnar Water World! When it comes to backwater tourism, Kerala is a natural choice even for international tourists. Fed by 38 rivers and linked by 1500 km of navigable canals, the state’s impressive backwater system of 34 lakes, many of them interconnected, is one of nature’s class acts. And when it comes to Kerala’s backwaters, one destination stands out – Kumarakom. The reason is simple enough – Kumarakom occupies a prized location on the banks of Kerala’s largest natural lake, the ‘Vembanad Kayal’. Measuring an unbelievable 49,421 acres, Vembanad Lake borders three Kerala Districts – Ernakulam, Alappuzha, and Kottayam. Of these, the cluster of little islands that make up Kumarakom belongs to Kottayam District. Many major rivers including Periyar, Pamba, Muvattupuzha, & Meenachil flow into the Vembanad Lake. The boat ride from Kumarakom into the expanses of Vembanad Lake is awe-inspiring, and nobody can be blamed for asking the inevitable question – is it a lake or a sea? However, water is only one of the elements that made Kumarakom a tropical paradise. There are other goodies that water brought along – mangrove forests, wetlands, migratory birds, paddy Kerala Destinations Kerala fields, coconut groves, and a teeming aquatic population. Kumarakom is structured around enchanting waterways and canals, where green weeds and white lilies make way for boats of all kind – canoes, country crafts, speedboats, and of course, the icon synonymous with Kumarakom – the houseboat or ‘kettuvallam’. The Kumarakom Bird Sanctuary, spanning 14 acres, is home to over 90 species of resident birds and over 50 species of migratory birds from as far away as Siberia. The lake and the surrounding wetlands support what is perhaps the largest waterfowl population in India, and a boat ride around the sanctuary will be enough to spot exotic birds like egrets, darters, herons, teals, Kumarakom, Kottayam

Breathtaking Breathtaking cuckoos, wild ducks, and flocks of Siberian Stork. One attraction for these birds Kumarakom Lake Resort, Kottayam

– the thriving aquatic life – is also a major attraction for tourists who relish freshwater delicacies like Pearl Spotted Fish (‘Karimeen’), Scampi (‘Konchu’), & Shrimp (‘Chemmeen’). Mouth-watering Kumarakom dishes include grilled ones like ‘Konchu Pollichathu’ and ‘Karimeen Pollichathu’. When it comes to accommodation, there are enough options in Kumarakom by way of homestays, and resorts by both private and public operators. Recently, some major resorts in Kumarakom have come under the government scanner for encroaching land by reclaiming lakes, and might face strict action including demolition and confiscation. Though many relaxing activities can be undertaken in Kumarakom including fishing, angling, hiking, getting an ayurvedic massage etc, the real value of Kumarakom might be missed unless one goes for a long trip through the backwaters to other destinations like Kochi, Alappuzha, or Kollam. The longest of these trips is the Kumarakom-Alappuzha-Kollam trip, which on a typical houseboat will last 2 days and 1 night, costing around Rs. 12,000 for single and Rs. 15,000 for double accommodation. Or if you prefer something short and sweet, the island of ‘Pathiramanal’ (Sands of Midnight) is just 40 minutes away. Kumarakom is 16 km away from Kottayam City and 92 km from Kochi International Airport. Upcoming CoverStory

Glenora Homestay, Wayanad, Kerala In the Wayanad District, a belt of and trips to Sunrise Valley (less rainforest in the northern Keralan than a mile away), Meenmutty highlands, Glenora is one of Falls or the Wayanad Wildlife those homestays for whom Sanctuary. success has meant a push upmarket - but that doesn’t dim the quality of the experience. Home to the hospitable Rajagopal family, and registered as a “farm tourism provider”, the house is set in 90 acres of coffee, pepper, betel nut, lime, ginger, guava and avocado among other fruit and spices. As well as three light, well-furnished rooms in the house, there are two new cottages on stilts (each of the latter has two balconies overlooking the plantation – birds, monkeys, foliage and not another house in sight). Activities include trekking, jeep safaris, badminton

Cliffhanger! Kerala’s most popular beach has always been Kovalam. But with popularity comes the unavoidable evils like destructive development, overcrowding, lack of privacy, and safety concerns. International tourists – mainly the Europeans - started asking around for a second beach in Thiruvananthapuram where they could safely unwind, and that is how they stumbled upon Varkala. But Varkala and its beaches have always been there – in fact it is a location of significant historical and religious importance in Kerala. Also, it was not just the remoteness or privacy of Varkala that started attracting tourists here. Varkala is a magnificent beach in its own right, even rated ahead of Kovalam by many tourists, for its sheer beauty. The beach sands are expansive, uncluttered, clean, and beautiful, providing for ample space to relax in privacy. The waves are of right height – enough to overwhelm you, but not aggressive enough to topple you. Adding to the experience that is Varkala is a unique range of laterite cliffs that shine amber during sunrise and sunset. The high cliffs are next to the beach, can be climbed, and offer breathtaking views of the waves and sands down. Most of the hotels and resorts in Varkala are atop these cliffs. The cliffs feature many natural spas and spouts. Nelpura heritage homestay in Kerala’s backwaters

The Indian “homestay” experience has grown from strength to strength since proudly feature pictures of “European-style toilets”; they often promise safe the idea first emerged in Kerala, a decade or so ago. Now there are homestay drinking water, station and airport pick-ups, drinks in the lounge among the tours and specialist agencies for the many hospitable families offering modestly family portraits. Some simply offer homely bed and breakfast while others veer priced accommodation in a variety of homes from city apartments to plantation towards the boutique hotel (which is reflected in the price), but the ones to houses. The majority are in the far north or the far south (Delhi, Rajasthan, look for are those that invite you to join the family, sample home-cooked regional Kerala), but the idea is spreading into other states. As a general rule, they are food and explore the suburbs, hilltops and backwaters of those untouristy corners middle-class houses, largely run by the active retired professionals, though of India you might never otherwise see there are younger, or poorer, families among homestay hosts. Website galleries

Technically called Varkala Formation, these cliffs are unique and have been declared a national geological monument by Geological Survey of India, the nation’s apex geological body. According to scientists, these cliffs have been formed by a long-drawn process termed tertiary sedimentation formation, and is a unique feature of Varkala compared with the rest of Kerala’s long coastline. The main beach of Varkala is the ‘Papanasam’ Beach which means ‘redemption of sins’ in Malayalam. Varkala’s religious importance in Hinduism is closely related to this concept – thousands of Hindus come here every year to wash away their sins in the waters here. Varkala also features an ancient temple – the Sree Janardhana Swamy Temple, which is believed by many to be 2000 years old. The ‘Sivagiri Mutt’, a sprawling monastery established by the great Hindu social reformer Sree Narayana Guru is at Varkala and attracts thousands of pilgrims every year. Catering to the needs of the foreign tourists, Varkala is fast becoming an ayurvedic hub with many health resorts offering massages and other inpatient treatments. One of the most cost-effective destinations in Kerala, this seaside town also offers many homestays. Other attractions near Varkala include Kappil, a unique destination where the roaring seas and placid backwaters come together. Varkala is 51 km south of Thiruvanathapuram City and 37 km north of Kollam City. While Varkala has a railway station of its own, the nearest airport is Thiruvananthapuram International Airport, 57 km away. LAVASA PUBLIC ISSUE Lavasa Rises Above Challenges Against formidable challenges from many quarters, the Group that virtually donated to the nation its first shipyard and its only aircraft manufacturer, is confident of making Independent India’s first hill station truly public. Ajit Gulabchand Chairman & Managing Director

Imagine hill-stations like Darjeeling, Nainital, Shimla, Manali, Mussoorie, Madikeri, Munnar, Kodaikanal, or Ooty. They are not mere getaways, but thriving economic systems as well. India is home to over 80 such hill-stations, with around 50 built by the British Raj and the rest by erstwhile kingdoms. Sadly, almost none was built or developed further by Independent India for the last 60 years. Nobody is sure of the reason, but commonsense suggests that the formidable challenges in developing a hill-station was the key factor. Nobody built any hill-station without larger-than-life visions, meticulous planning, and seemingly endless hard work. Undertaking surveys in virgin forests, crafting winding hairpin roads, anti-gravity trains, and the cable cars to transport men & materials were never child’s play. Recognising this shortfall in hill-stations, both the Government of India and Government of Maharashtra enabled the enactment of Special Regulations for Hill Station Development in 1996. But not many in the private sector took the bait. But the Group that virtually donated to the nation its first shipyard, Hindustan Shipyard, and its first aircraft maker, Hindustan Aeronautics Ltd, took up the challenge within a couple of years of the Government move. Because of this, Lavasa by HCC had all the blessings from authorities. But ten years later, after spending unimaginable money, time, and other resources to create Independent India’s first hill-station, HCC & Lavasa have been caught in a crossfire 20,000 crore, making it the second- campaign negating almost all the between political parties BJP and largest real estate developer by allegations point-by-point NCP. Nobody disagrees that no market-cap, behind only DLF, and including shareholding pattern, project - however sublime it might ahead of heavyweights like DB land purchase, environmental be - should get away with undue Realty, HDIL, Indiabulls Real issues, water usage, exclusivity, and concessions from Government, or Estate, & Godrej Properies. But it revenue loss to Government. The even worse, build the project by is still not clear whether Lavasa will State Government has also trampling the land and aspirations corrected its knee-jerk reaction and of the poor. But the timing of the is now looking whether alleged campaign against Lavasa is Just 3 hours from revenue loss can be corrected suspicious. After building on its Mumbai, and 40 minutes through compounding. Several own for over 10 years, and from Pune, Lavasa has villages in the project area have also completing the first phase on equity been designed on a come forward to support the and debt, now is the time the philosophy of live- work- project. Government of India too is promoters are approaching public learn-play within walkable likely to look at the project from a investors through an IPO. The ready distances , and is coming holistic angle, considering the scale question that comes to anyone’s up as 12 towns spread of the project that spans 25,000 mind is where were these critics across 7 valleys. The acres. during the past 10 years? Both BJP whole development is Seth Walchand Hirachand did and Congress-NCP alliances had spread across four things usually Governments do. ruled the state in recent past. Union phases, with the second That is why his companies Environment Ministry, who has phase getting completed Scindia Shipyard and Hindustan raised some issues now, was also in 2014, the third in Aircraft later became the not oblivious to this mammoth 2017, and the final phase nationalized companies development for the last 10 years. in 2021. Hindustan Shipyard Ltd and The worst that HCC did was allow Hindustan Aeronautics Ltd. Less stakes by a couple of Sharad be considered as a realty player or than a century later, the scion of Pawar’s family members, which is as an infra developer. Even there, it this entrepreneurial legacy, Ajit an error that stands corrected since will displace all but Jaiprakash Gulabchand is taking Hindustan the last four years. But it was a move Associates, Unitech & GMR Infra, that continues to attract formidable including majors like Lanco Infra, political enemies for the project. Jaypee Infra, & IRB Infra. Lavasa Business enemies are also aplenty, Corporation has recently come out as post this Rs. 2000 crore IPO, in open through a national Lavasa will be valued at over Rs. Construction Company (HCC), the construction company At 100 sq kms, it is Walchand Hirachand founded, to roughly the size of dizzying heights by going in for Allahabad, Jodhpur, a Rs. 2000 crore IPO of its Rajkot, Coimbatore or subsidiary – Lavasa Hill City – Kochi. But if these cities which is another project that took hundreds, if not usually Governments do. thousands, of years to develop, Lavasa’s At 100 sq kms, it is roughly the size of Allahabad, Jodhpur, Rajkot, ambition is to grow to Coimbatore or Kochi. But if these such scales within two cities took hundreds, if not decades. Now, you too thousands, of years to develop, can be part of this larger- Lavasa’s ambition is to grow to such than-life ambition as this scales within two decades. Now, emerging city project is you too can be part of this larger- going for its IPO. than-life ambition as this emerging city project is going for its IPO. Brigade Property Selected as World Trade Center, Bangalore

Brigade Group, a leading developer Trade Centres Association (WTCA), cording to WTCA bylaws, there can headquartered in Bangalore, ob- whose primary objective is to pro- be only one regular WTCA Mem- tained the license from the World mote prosperity through world trade. ber in a single economic area, which Trade Centers Association to clas- A World Trade Centre is a signature means there would not be any other sify and manage their 1 million sq. real estate development and a sym- World Trade Center in Bangalore. ft office tower in their prestigious bol of International trade providing Commenting on the achievement, mixed use project Brigade Gateway its members services like – trade MR Jaishankar, Chairman & MD, as ‘World Trade Centre Bangalore”. information, global networking with Brigade Group, said, “This is a mat- This marks the company’s entry into WTC clubs, exhibit facilities, con- ter of great pride and honour, for the the prestigious league of select sulting services, administrative sup- State of Karnataka as well as Bri- World Trade Centers across the port, export / import assistance, tele- gade Group. Bangalore is once again globe. conferencing facilities, translation / on the global map as the city that The World Trade Centre certifica- interpretation, trade missions, office houses a World Trade Center. The tion is awarded after rigorous as- services, newsletters and trade WTCA certification is also testi- sessment and scrutiny by the World policy research, among others. Ac- mony to Brigade’s unrelenting pur- suit of quality and global standards in all its work and we are confident that the World Trade Center Banga- lore will add significant value to the process and growth of world trade.” Robert J. Frueh, Director of Mem- ber Services, World Trade Centers Association said, "The new World Trade Center Bangalore at The Bri- gade Gateway is a world class busi- ness destination and it is quickly becoming a symbol of international trade for the greater Bangalore re- gion. We welcome the World Trade Center Bangalore as its establish- ment links this great city now with over 300 World Trade Centers in nearly 100 countries all focused on growing their economies in the in- ternational marketplace." Brigade Group is one of the leading real estate development companies in India primarily focussed on the development of residential, com- mercial & hospitality properties in South India. Brigade is a successful public limited company that has completed over 100 residential, commercial, retail and hospitality projects, covering over 20 million sq ft of developable area. hundred pre-committed engagements. Recently the CEO of one of my consulting clients invited me to work with his entire leadership Strategists, Move On… team and get them to re-focus on execution. Even though we were talking to senior people, we had to Doers, Move In! prod, cajole and eventually push them to work around the concept of Are we obsessed with strategizing? We need execution. On probing, I discovered to re-focus on the importance of doing, says that the basic resistance came from management consultant Giraj Sharma. the belief that if leaders get involved with execution then they are rawing up a strategy is disempowering people in their teams. exciting. The entire “Are you not asking us to micro- process of brainstorming, manage things?’ was the question that interpreting consumer most asked. And no, they didn’t want insights, analyzing an answer as they firmly believed that research, playing with engaging with execution is akin to postulates and creating hypotheses is micro-managing affairs. exhilarating. Eating those dry How often do strategies fail for things sandwiches late at night, gulping that were supposed to happen but did zillion cups of black coffee, knocking not happen? Execution is all about off objections and punching in harmonizing people, strategy and PowerPoint presentations – that’s an operations. As Ram Charan and Larry ideal day at office. And indeed what Bossidy put it in their best-selling many of us dreamt of while soaking book Execution – “It is a systematic in Peter Drucker at B-school. process of discussing the Trouble is, there are too many mechanisms, of questioning, strategists floating around corporate Assessment Centre, where they have tenaciously following through and corridors but not many doers. Now, their folks assessed on wide-ranging ensuring accountability.” what’s wrong with that? Isn’t it the competencies such as analytical Execution may not be glamorous or ability to think strategies that enables ability, planning, drive for results, sensational but it is essential to the one to be picked up in any managerial customer focus, impact and influence success of any strategy. Focus on assignment in the first place? There and innovation. Everything, it would execution does not amount to micro- are not many who’d like to dirty their seem, except execution. One of my managing. It is all about simplifying hands with execution. And in any clients, for whom I am on the panel steps in order to get things done. It is case, ‘execution’ is not the in-thing of assessors, is an, exception in the about reducing things to bare bones. because it is considered uncreative, sense that he maps execution as one It is about getting everyone in the mundane and, therefore, boring, of the competencies. Not team on the same page. It is about where as drawing up strategies gets surprisingly, the panel finds flair for common sense that one sees in the adrenaline flowing. Some leaders execution to be a development need theatre rehearsals where everyone simply delegate execution to their for most managers and lands up knows his part and works to get in down-line though they stay deeply downloading a development plan on sync with others so that there are no involved through every stage of building up this competency. goof-ups in the actual performance. strategy development, thereby Are we, as a race, obsessed with In other words, execution is about reinforcing the misgivings that most making reliable management of managers have about execution. strategizing? My answer to this is not ‘Perhaps’, ‘Maybe’, but an assertive complexity a routine. It is about The lowly status of execution is so ‘Yes’. I call it the Chanakya- adherence to protocol. The issue is deeply embedded in our mindset that syndrome! We all want to be the that people have problems with the often when a strategy fails to deliver Chanakyas of our enterprises and idea of adherence to protocol and the desired results we look for chinks want to be left free to think strategy. often mistake it as rigidity and thus in the strategic construct rather than We feel that’s our calling. Tell a relegate execution to something look at the loopholes in the execution manager to come for a strategy meet that’s unexciting. Not for long though process. Not too many companies and you see him or her drooling. Call as slowly but surely Corporate India give execution the kind of importance them to discuss an execution is getting hooked to execution. Move it deserves. A tool that most roadmap or review an execution on Chanakyas – make space for the organizations use nowadays to help blue-print and they suddenly have a doer! develop managerial talent is the

A Billionaire’s Billion Rupee Bet on a Billion+ People A billion people believing that we can’t do it. And ever. One man amongst the billion believing that we can do it. And soon. As soon as the 2018 World Cup. Who will win? The man who created the performance drug, Musli Power X-Tra, is betting one billion rupees to handpick and groom 60 boys, from across rural and urban India, who can bring home the cup in 2018. If a boy knows to take the ball with him, Abraham will take the boy with him wherever he hails from - Kolkata to Kochi, Goa to Vizag, Jalandhar to Chennai. Abraham says, in its core, his Rs. 100 crore bet is a bet on the aspirations and hidden strengths of one billion of us. sk any football Musli Power X-Tra Football not speaking about allowances. All coach the most Academy plans to select 60 boys to the 60 selected candidates will be audacious aim create the national football team on salary, as they will be on the Indian football of tomorrow. Can you explain the official payroll of the Academy or can take by 2018, selection process? the Company. They will be on salary from day one, and we hope and you are likely The first step will be a training camp organized during the next summer to begin the salary structure at Rs. to hear this - not finishing among vacation for around 1000 to 2000 5000 per month. Which 14 year old the last-three in Asian Cup. And football-playing boys selected from can hope for a monthly salary like such disappointing outlooks can’t all over the country. The training that? There will also be regular be blamed as Indian football team will be for one to two months, and sizeable increments as well as has often failed to even qualify for 60 junior and sub-junior boys who milestone-linked increments, which Asian Cup in recent years. But ask have proven their skills at the can be as high as 100% of the Kunnath Pharma Founder KC national, state, or district levels and previously drawn salary. For Abraham about the objective for his have done well in the camp will be example, by the time they play the Rs. 100 crore football foray, he selected. The selected age group will I-League we hope to provide them doesn’t bat an eyelid before be 14 to 17. Our budget for the camp Rs. 50,000+, and when playing replying, “2018 World Cup”. We and selection is around Rs. 2 crore, and internationals, more than Rs. 1 lakh+. As long as they are almost sputtered while asking, we hope to do the camp and training in a distributed style at multiple cities. contributing to the academy’s and “You mean, qualifying for the World Cup?”, and he waves off that The Academy, we understand, is very idea. “My aim is the Cup, and planned as a residential one. Why not merely playing,” says Abraham. is this so, and don’t you think it will Thus started an incredulous act as a deterrent for many parents conversation with this entrepreneur to send their boys? regarding his football plan for India Our idea is that excellence in that can’t be called anything less than football cannot be achieved as a audacious. But as he started to part-time pursuit, especially for a explain the month-by-month, lakh- country like India that ranks very by-lakh battle plan to rejuvenate low in the game. Any nation that has Indian soccer, we started doubting recently come up in football, be it South Korea, China or US, follows our disbelief. This elaborate plan and this focussed residential approach. his strategies is a story unto itself, So, for our selected players, regular whereas, Abraham’s insightful college-going will be a strict no-no. philosophy on why Indian football Instead, we may associate with is in the current dire straits is quite some open university kind of Abraham’s penchant for sports realistic. “Where can we hope to arrangement so that they will later promotion is well known, reach if we have no high aim? That have a degree. But once with the Musli Power being the sponsor is why we have set this goal, Musli Power X-Tra Football of Sri Lankan cricket club however formidable it might seem.” Academy, their only activity will be Wayamba Elevens and former Secondly, he brings up the issue of to play football. Coming to the sponsor of Goan football club wholehearted focus. “Our Football parental concerns, we think our Churchill Brothers. Abraham Academy will be totally residential unique salary structure for the players will provide more than hails from a family that and our selected players will be on adequate comfort. contributed an Olympian to competitive salaries, right from their the nation. KC Abraham is the teenage and till their retirement so that That is surprising. From when brother of India’s former they will never fear about their future, will they get these allowances, and Olympian Rosakutty. Abraham and will always have their eye on the what would be the guarantee is also taking over the soccer ball.” regarding its regularity and club, Viva Kerala. KC Abraham answers Seasonal duration? Magazine’s further queries: First of all, let me clarify, we are team’s objectives they will be comprehensive way, so that assured of this remuneration. As whatever happens these players and and when some of them are unable their families will never lose out. In to play regular football, they will fact, we have always felt that the be absorbed into the regular fear of injuries has been a activities of Kunnath Pharma, like significant factor inhibiting Indian its marketing or administrative players from playing total, departments, in their own states. aggressive football. That is the kind of guarantee we are providing. Have you done the overall budgeting for the whole exercise? Football is a serious game, and Yes, of course. Otherwise, how can footballers are prone to serious we be confident that we can achieve injuries. What kind of a rehabi this objective of winning the World litation plan they will have at the Cup on Rs. 100 crore within the Academy? next 8 years? It is a next-to- All our players will be fully insured, impossible target. Our spend will be and on a scale in which how in an incrementally increasing international players are insured. It fashion, starting with annual will cover life as well as health in a budgets of Rs. 5 to Rs. 8 crore in

the early years, and ending with Rs. 20 to Rs. 25 crore in the last two years.

Coaches and officials will play a major role in this project. Are you looking at coaches from abroad? And this looks like a project that would gain a lot with the support of government, football fed erations, and other corporates. How do you plan to enlist their support? Foreign coaches need not be there necessarily, especially in the early years. But there will definitely be play-offs with international clubs and interactions with overseas teams. We would be looking at coaches who share our passion to win the world cup for India, more than anything else. We are open in accepting institutional support, and hope to work closely with all of them. But a major portion of the work we have planned must be carried out in-house and on our resources, so that other agencies can believe in this model. We also plan to enlist the support of all in public who share this passion, and who can provide constructive ideas towards this venture. WORLD M&A FOCUS TURNS TO INDIA AS WEST SLOWS DOWN Standard Chartered Plc, ranked 14th among merger advisers in India last year, has climbed to number two by financing takeovers in the world’s second-fastest growing major market for acquisitions.

he U.K. bank, the first financial services at KPMG India, No. 10 in the Asian nation, while foreign company to said in an interview from Mumbai. JPMorgan is 12th. sell shares in India, has “You will see more and more banks advised on $22 billion putting their balance sheet to work.” Global Slowdown of deals, second only India’s acquisition spree contrasts to Morgan Stanley, in the nation’s Indian companies led by Mittal’s Bharti Airtel Ltd. have announced with a slowdown in global deals. busiest year for takeovers since Mergers worldwide are on course to 2007, according to data compiled by $58.4 billion of transactions this year, on course to surpass 2007’s decline for a third year, with $1.35

Bloomberg. record $69.2 billion, driven by cross- Eight of the 10 largest acquisitions border takeovers that are also set for in India this year are cash an all-time high. The tripling in deal transactions, compared with only volume from last year makes one of the top 10 global deals, India the fastest growing after underscoring the need to provide Mexico among the Group of 20 financing to win clients. Standard nations, the data show. Chartered funded the nation’s two biggest takeovers, by billionaires Standard Chartered overtook Anil Agarwal and Sunil Mittal, Goldman Sachs Group Inc. and helping to cement India as the JPMorgan Chase & Co., the two lender’s most profitable market. largest global takeover advisers, in India this year. New York- “In India, M&A is to a great extent based Goldman Sachs is ranked dependant on balance sheet support,” Abizer Diwanji, head of SEASONAL MAGAZINE Sunil Mital Prahlad-Shantigram Naina Lal Kidwai Anil Agarwal Jaspal Singh Bindra trillion of transactions, down 56 “We expect customers whom we percent from the first eight months fund to also reward us with the of 2007. In the U.S., the world’s events-business, as in investment largest market, volumes dropped 63 banking,” Kidwai said in an percent to $577 billion, while interview on Aug. 24. The lender Europe saw a 68 percent decline to plans to play a bigger role in $489 billion. providing advisory services and helping raise funds for acquisitions “While the M&A activity in the U.S. by clients, she said. “That would be and Europe has been weak, it’s been a very important part of the way we quite busy in this part of the world,” work.” Prahlad Shantigram, global head for Jamal Al-Jarwan mergers and acquisitions at Standard May Rise Chartered, said in a telephone million in May, becoming the first Standard Chartered’s league table interview. “For strong stories, the overseas bank to sell shares in the ranking may rise in India as the bank bank will look at financing.” nation. The lender, which traces its is advising Emirates Telecom Corp., Standard Chartered may provide $4 history in India back to 1858, was the United Arab Emirates’ biggest billion to fund the acquisition of a the only one of the nation’s three phone company, according to two controlling stake in Cairn India Ltd. biggest foreign commercial banks to people with direct knowledge of the by Agarwal’s Vedanta Resources Plc, expand credit in the year ended matter. two people with knowledge of the March 31. Jamal Al-Jarwan, chief executive matter said on Aug. 16. Credit Suisse “We are trying to change the game, officer for international investments Group AG and Goldman Sachs are at least in our core markets like at the Abu Dhabi-based operator, on also financing the bid, according to India,” Jaspal Singh Bindra, chief Sept. 6 said the company is a company statement. executive officer of Standard considering investing in Idea The London-based bank has focused Chartered Asia, said by telephone Cellular Ltd. Rajat Mukarji, a on cross-border deals in oil and gas, from Hong Kong. “The days are spokesman at Mumbai-based Idea, metals and mining and telecom, gone when you can come into India declined to comment. Shantigram said. just on the back of your big-bulge Standard Chartered, India’s largest status.” overseas bank by branches, earned There may be “a couple more large almost twice as much in the nation deals” in those sectors this year, he Expanding Credit as U.K. rival HSBC in the first half said. “It’s been a good year for us so as India overtook Hong Kong to far.” Standard Chartered’s loan book expanded 11 percent to 415.5 billion become its most profitable market. Cross-Border Deals rupees last fiscal year, while HSBC The lender has reported eight years Holdings Plc’s advances shrank to of profit growth even as financial institutions worldwide racked up $1.8 Cross-border mergers in India have 234.7 billion rupees and Citigroup trillion of losses and writedowns climbed to $50.7 billion this year, Inc.’s loans decreased to 366.6 during the financial crisis. surpassing the combined takeover billion rupees, according to data volumes for the previous two years, compiled by Bloomberg. “We were around in the last two to according to Bloomberg data. The three years when things were deal flow has almost matched the HSBC, ranked No. 6 in India M&A difficult,” Standard Chartered’s $51.9 billion in the first eight months after part funding Bharti’s Bindra said. “People think you have of 2007, which saw a record $58.9 transaction, plans to offer financing done difficult markets, difficult billion of such deals. to win more deals, said Naina Lal structures in difficult periods, then Kidwai, HSBC’s India country head. you tick most of the boxes.”

Standard Chartered raised $530.7 SEASONAL MAGAZINE COVER STORY BEBE LUCKYLUCKY -- IT’SIT’S ANAN EASYEASY SKILLSKILL TOTO LEARNLEARN

Those who think they’re unlucky should change their outlook and discover how to generate good fortune, says psychologist Richard Wiseman. SEASONAL MAGAZINE decade ago, I set out group. As she explained: “I have to investigate luck. I my dream job, two wonderful wanted to examine children and a great guy whom I the impact on love very much. It’s amazing; people’s lives of when I look back at my life, I chance opportunities, lucky breaks realise I have been lucky in just and being in the right place at the about every area.” right time. After many experiments, In contrast, Carolyn, a 34-year-old I believe that I now understand why care assistant, is typical of the some people are luckier than others unlucky group. She is accident- and that it is possible to become prone. In one week, she twisted her luckier. ankle in a pothole, injured her back To launch my study, I placed in another fall and reversed her car advertisements in national into a tree during a driving lesson. newspapers and magazines, asking She was also unlucky in love and for people who felt consistently felt she was always in the wrong lucky or unlucky to contact me. place at the wrong time. Over the years, 400 extraordinary Over the years, I interviewed these men and women volunteered for volunteers, asked them to my research from all walks of life: complete diaries, questionnaires the youngest is an 18-year-old and intelligence tests, and invited student, the oldest an 84-year-old them to participate in experiments. retired accountant. The findings have revealed that Jessica, a 42-year-old forensic although unlucky people have scientist, is typical of the lucky almost no insight into the real causes of their The Luckiest Bollywood Actress? Deepika comes from no Bollywood family. She is pretty, not exceptionally pretty. She is not very talented either. She is good though. That being said, just checking her track record in bollywood, how can anyone not say she is the luckiest bollywood actress? First Movie: Launch with Shahrukh Khan. Second Movie: Yash Raj banner. Third Movie: With Warner Brothers and Akshay Kumar. Fourth Movie: With Imtiaz Ali and Saif. Every top bolly actress, be it Madhuri, Kareena or Aishwarya had to struggle to get to work with Yash Raj or work with SRK. Is Deepika Padukone destiny’s favorite child? SEASONAL MAGAZINE good and bad luck, their thoughts but the unlucky people tended to reward for accurately watching the and behaviour are responsible for miss it and the lucky people tended centre dot, creating more anxiety. much of their fortune. to spot it. They became focused on the centre Take the case of chance For fun, I placed a second large dot and more than a third of them opportunities. Lucky people message halfway through the missed the large dots when they consistently encounter such newspaper: “Stop counting. Tell the appeared on the screen. The harder opportunities, whereas unlucky experimenter you have seen this they looked, the less they saw. people do not. I carried out a simple and win £250.” Again, the unlucky experiment to discover whether this people missed the opportunity And so it is with luck - unlucky was due to differences in their because they were still too busy people miss chance opportunities ability to spot such opportunities. looking for photographs. because they are too focused on I gave both lucky and unlucky Personality tests revealed that looking for something else. They go people a newspaper, and asked unlucky people are generally much to parties intent on finding their them to look through it and tell me more tense than lucky people, and perfect partner and so miss how many photographs were inside. research has shown that anxiety opportunities to make good friends. On average, the unlucky people disrupts people’s ability to notice They look through newspapers took about two minutes to count the the unexpected. In one experiment, determined to find certain types of photographs, whereas the lucky people were asked to watch a job advertisements and as a result people took just seconds. Why? moving dot in the centre of a miss other types of jobs. Lucky Because the second page of the computer screen. Without warning, people are more relaxed and open, newspaper contained the message: large dots would occasionally be and therefore see what is there “Stop counting. There are 43 flashed at the edges of the screen. rather than just what they are photographs in this newspaper.” Nearly all participants noticed these looking for. This message took up half of the large dots. page and was written in type that The experiment was then repeated My research revealed that lucky was more than 2in high. It was with a second group of people, who people generate good fortune via staring everyone straight in the face, were offered a large financial four basic principles. They are The (Un)Lucky Appointment? Take the case of a very famous Hindi film actor. In a recent interview, Ameen Sayani, the host of yesteryear’s super hit show Binaca Geetmala recounted a very interesting story about him. “It was 1969. I was doing 20 shows a week, spending most of the day locked up in the studio in my office. A young man walked in without appointment for a voice audition. I had not a second to spare for this tall, thin young man. He waited and left and came back a few more times. He became instantly popular with my staff, but I could not see him,” said Sayani in the interview. Ameen Sayani had been too busy to meet the man now famous as Amitabh Bachchan. Then in 1971, Sayani happened to see Hrishikesh Mukherjee’s Anand and “was floored by the persona, voice and performance of the actor named Amitabh Bachchan.” What would have happened if the two had met in 1969? “Though I regret denying him an audition, I realise that what happened was for the best for both of us! His voice would have finished my career, and he would have got so much work on radio that Indian cinema would have lost its biggest star,” said Sayani in the interview. SEASONAL MAGAZINE From Government skilled at creating and noticing Servant to Minister chance opportunities, make lucky As Sankarshan Thakur writes in Subaltern Sahib: Bihar and decisions by listening to their the Making of Lalu Yadav, “On the eve of elections of Patna intuition, create self-fulfilling University Students Union (PUSU) in 1973, non-Congress prophesies via positive student bodies had again come together, if only for their limited expectations, and adopt a resilient purpose of ousting the Congress. But they needed a credible attitude that transforms bad luck and energetic backward candidate to head the union. Lalu into good. Yadav was sent for.” Lalu Yadav at that point of time was an employee of the Patna Veterinary College. He had quit student I wondered whether these four principles could be used to increase politics in 1970, after having lost the election for the the amount of good luck that people presidentship of PUSU to a Congress candidate. Before this, encounter in their lives. To find out, Lalu had been the general secretary of PUSU for three I created a “luck school” - a simple consecutive years. “Assured that the caste arithmetic was experiment that examined whether loaded against the Congress union, Lalu readily agreed to people’s luck can be enhanced by contest. He quietly buried his job at the Patna Veterinary getting them to think and behave College and got a backdated admission into the Patna Law like a lucky person. College. He stood for elections and won. The non-Congress coalition in fact swept the polls.” In 1974, the students’ agitation I asked a group of lucky and against then prime minister Indira Gandhi spread throughout unlucky volunteers to spend a the country. As Thakur writes, “An agitation committee was month carrying out exercises formed, the Bihar Chatra Sangharsh Samiti to co-ordinate designed to help them think and the activities of various unions and Lalu Yadav as president behave like a lucky person. These of PUSU was chosen its chief. “These events catapulted Lalu exercises helped them spot chance Yadav into the big league, after he had quit student politics opportunities, listen to their and taken up a government job. So, luck had a huge role to intuition, expect to be lucky, and be play in getting Lalu Yadav back into active politics. In the 1977 more resilient to bad luck. elections, Lalu was elected to the Lok Sabha as a Janata One month later, the volunteers Party candidate at a young age of 29. returned and described what had SEASONAL MAGAZINE happened. The results were dramatic: 80 The Accidental per cent of people were now happier, more satisfied with their lives and, Billionaire? perhaps most important of all, luckier. While lucky people became luckier, the Noted author Mlodinow feels that Bill Gates, the co-founder of unlucky had become lucky. Take Microsoft was also very lucky in his initial days. As the story Carolyn, whom I introduced at the start goes, and as Mlodinow recounts in his book, in August 1990, of this article. After graduating from IBM was looking for a programme called “operating system” for “luck school”, she has passed her their “home computer.” A group of executives from IBM went to driving test after three years of trying, meet Gates, who at that point of time was running a small was no longer accident-prone and company. Gates told them that he couldn’t provide the operating became more confident. system they wanted and directed them to a programmer called In the wake of these studies, I think there Gary Kildall at Digital Research Inc. The talks between Kildall are three easy techniques that can help and IBM did not work out primarily because Kildall’s wife and to maximise good fortune: the company’s business manager refused to sign IBM’s non- disclosure agreement. Another story also goes that Kildall was · Unlucky people often fail to follow so busy pursuing his first love of flying planes that he had no their intuition when making a choice, time for IBM execs. Anyway, around the same time Jack Sams, whereas lucky people tend to respect an IBM employee, saw Gates again. As Mlodinow writes, “They hunches. Lucky people are interested in both knew of another operating system that was available, a system how they both think and feel about the that was ready, a system that was, depending on whom you ask, various options, rather than simply based or inspired by Kildall’s. According to Sams, Gates said, looking at the rational side of the “Do you want to get…[that operating system], or do you want situation. I think this helps them because me to?” Sams, apparently not appreciating the implications, said, gut feelings act as an alarm bell - a “By all means, you get it.” Sams, of course, did not understand reason to consider a decision carefully. the mistake he had made. Gates got the operating system for · Unlucky people tend to be creatures around $50,000, “made a few changes, and renamed it DOS (disk of routine. They tend to take the same operating system). IBM, apparently with little faith in the potential route to and from work and talk to the of its new idea, licensed DOS from Gates for a low per-copy same types of people at parties. In royalty fee, letting Gates retain the rights.” And the rest as we contrast, many lucky people try to have seen is history. Much of Microsoft’s success since then has introduce variety into their lives. For been built on that sheer lucky break. example, one person described how he thought of a colour before arriving at a party and then introduced himself to people wearing that colour. This kind of behaviour boosts the likelihood of chance opportunities by introducing variety. · Lucky people tend to see the positive side of their ill fortune. They imagine how things could have been worse. In one interview, a lucky volunteer arrived with his leg in a plaster cast and described how he had fallen down a flight of stairs. I asked him whether he still felt lucky and he cheerfully explained that he felt luckier than before. As he pointed out, he could have broken his neck. Richard Wiseman is a psychologist at the University of Hertfordshire, and author of the noted work, ‘The Luck Factor’. SEASONAL MAGAZINE FUTURE VENTURES IPO rollercoaster ride for investors than Pantaloon. From highs of Rs. 1044 in FY’08, FCH had tumbled to Rs. 93 by the next fiscal. But isn’t all that history? We will have to ask Will History investors who burnt their fingers this all-important question. There is also another difference. If the Haunt Future? earlier value proposition was “Invest in the Retail King”, the current will be “Invest with the Kishore Biyani is a successful history of losing money for man. Now, even in capital markets. investors, floating around as a That is why the Pantaloon / Future pennystock in single digits for the conglomerate is tapping the better part of six long years from If the earlier value markets for a third time. But 92-93 to 98-99, trading even as low prudent investors are sure to take as Rs. 1.50. The Group’s second proposition was “Invest a hard look at the Group’s capital listed firm, Future Capital in the Retail King”, the markets history while assessing Holdings, has a shorter capital current will be “Invest Future Ventures’ IPO. Since its markets history of barely three with the Retail King”, as IPO in 1991-92, Pantaloon has a years, but not much less of a the now planned IPO is for a venture capital fund that will invest in other companies as well as Future Group companies.

Retail King”, as the now planned IPO is for a venture capital fund that will invest in other companies as well as Future Group companies. Thankfully, the Issue size has come down to Rs. 750 crore from Rs. 3730 crore, the amount Future Ventures unsuccessfully tried to raise in 2008 before the crash. Now all eyes will be on whether the Group will expect stratospheric valuations too like Pantaloon that trades at 57 P/E and FCH that trades at a price- earnings of 88, which makes them fit candidates for a significant correction if smart money again takes a sojourn from India as in 2008. SEASONAL MAGAZINE Did the Answer of Miss. Philippines 2010 Cost Her the Miss. Universe Crown?

Once again a frontrunner what did you do to make it right?” love that they are given to me. in a pageant has presented The beauty queen would thank the So… Thank you so much that I am an answer that some judge for his question, then say here! Thank you, thank so much!” believe may have cost her “Good evening” to the Las Vegas One thing was clear: Miss crowd. Philippines 2010 Maria Venus Raj the crown. In Monday was thankful to be in Las Vegas. evening’s Miss Universe She attempted to answer the question. “You know what, sir, in William Baldwin, in a camera shot 2010 Pageant, Miss my 22 years of existence, I can say near the end of Miss Philippines’ Philippines 2010 Maria there is nothing major, major — I answer, had a smirk on his face, as Venus Raj, who seemed to mean, problems — that I have done if he knew that Raj’s answer was be a crowd favorite, in my life, because I am very just short of convoluted and according to the San confident with my family with the meaningless. Francisco Chronicle, answered a question from actor/judge William Baldwin that didn’t seem to really be an answer. Although it wasn’t controversial, Miss Philippines 2010 left many wondering about her answer, her 22 years of mistake-less existence, and why she kept thanking everybody. The interview segment of the Miss Universe pageant can be a points killer, as Carrie Prejean and Morgan Elizabeth Woolard can attest. But with William Baldwin’s question, it seemed as if Miss Philippines 2010 was going to coast through and perhaps secure the Miss Universe crown. The crowd loved her and she was the talk of the Internet going into the final round of competition Monday. But what seems like a simple question can sometimes trip a person up. “What is one big mistake you made in your life,” Baldwin asked, “and SEASONAL MAGAZINE HEALTH

"When you look at mammals, you have to consider lactation as part of One More Way to Avoid the pregnancy experience," says Schwarz. "When women don't Diabetes: breastfeed after pregnancy, or lac- tation is curtailed or prematurely discontinued, women end up retain- Breastfeed ing more fat than they would have if they breastfed. Then the mother's New moms know that velop type 2 diabetes as women who health can suffer." breastfeeding can be good for do not. That's a big statistical differ- Animal studies have helped reveal ence, and although it's not clear what other reasons this is so. babies, providing them with is behind the gap, scientists speculate Breastfeeding, those studies found, much-needed nutrition as well that it has something to do with preg- can increase a mother's response to as a shot of antibodies and nancy pounds that expectant moms insulin, allowing her to break down other cells that help build gain. Breastfeeding helps moms lose glucose more effectively and keep the abdominal fat they gain during sugar metabolism in check. Lacta- immune systems. Now, pregnancy more efficiently. And while tion also inhibits hormones that pro- evidence suggests that the abdominal — or visceral — fat is im- mote growth hormone activity, practice may keep the moth- portant for the gestating baby's devel- which can also affect insulin levels. ers themselves healthier too. opment, it can be detrimental to a In addition, studies have shown that mother's health if it continues to build when women do develop diabetes Researchers led by Dr. Eleanor after delivery, since it's been linked to during pregnancy, known as gesta- Bimla Schwarz at University of greater risk of metabolic disorders tional diabetes, breastfeeding the Pittsburgh found that women who such as insulin resistance and heart newborn can improve their glucose breastfeed are half as likely to de- disease as well as diabetes. metabolism and help stabilize the condition. Despite the growing body of re- search establishing the health ben- efits of breastfeeding, moms in the U.S. remain resistant.The American Academy of Pediatrics recommends that new mothers breastfeed their infants for at least six months, yet only 14% of women do. For the 86% who don't, Schwarz says lifestyle interventions such as exercise and changes in the diet can go a long way toward lowering their diabetes risk — even if it doesn't replace the health dividends the babies would be receiving if they were breastfed. "This [study] shows that perhaps counseling these women to try to reduce their personal risk of devel- oping diabetes should be something that doctors should consider," says Schwarz. "And if you are pregnant or thinking about getting pregnant, or currently breastfeeding, then stick with it because it's important to both your baby's and your own health." SEASONAL MAGAZINE SOCIAL SPACE 5 Huge Trends in Social Media Right Now

1 2 3 Social Scanning Q&A and Intelligent Smartphone owners have the world at their Information Discovery Group Buying fingertips. As grandiose as that may sound, Web-based Q&A services have been around for advances in mobile barcode scanning years. Now the previously sleepy space is technology have given rise to applications seeing renewed interest from some of the Group buying is the deal-a-day group coupon that allow for comparison shopping, QR code Internet’s biggest names. This second iteration trend made popular by Chicago-based startup place checkins and ultimately a social of Q&A services will likely forever redefine the Groupon. It’s also a slight variation on flash experience around product barcodes. way we find information, because it re-imagines sale sites such as Woot, an Amazon property, “search” as intelligent information discovery. which originated in the early 2000s. SEASONAL MAGAZINE hat’s the first thing young women do when they wake up? Check Facebook. How do enterprise employees pass the time at work? With social media. With so many studies highlighting ever-accelerating social media usage rates, the conclusion is obvious — social media is everywhere. What follows are five of the hottest social media trends right now. Each are influencing our social, online and mobile behaviors in significant ways. Entertainment checkin services are changing the way we watch television. Mobile loyalty applications are helping us connect the dots between our real- world shopping behaviors and digital rewards. A new breed of Q&A services are changing the way we search. Barcode scanning applications are making products social, and deal-of- the-day sites are giving us ways to save by recruiting our friends to the party. 4 5 Checking-In to Mobile Meets Loyalty Entertainment As consumers purchase more and more What are you watching on television right now? smartphones and phone technology heads in Whether it’s the latest episode of Mad Men or the the direction of the “super,” it’s only a matter next installment of a reality dating show, chances of time before old-fashioned loyalty, rewards are that you’re sharing the entertainment experience and club card programs head in the mobile either through face-to-face interaction with friends direction. Two applications — Key Ring and and family, or by posting outrageous and shocking CardStar give us a preview of what’s to come. moments to your favorite social media channels. SEASONAL MAGAZINE 1 Social Scanning Smartphone owners have the world at their fingertips. As grandiose as that may sound, advances in mobile barcode scanning technology have given rise to applications that allow for comparison shopping, QR code place checkins and ultimately a social experience around product barcodes.

What this means is that at any given SCVNGR, and the businesses they moment, any smartphone owner serve, it’s about access to can pull out their device, fire up a measurable offline behavior. barcode scanning application, scan These scans aren’t inherently social a code and complete activities or in nature, but because they can around items. It has also recently gain access to a wealth of double as verifiable place checkins, become more brand-friendly. immediately relevant information. they can also possess the social “Official bits” are barcodes that Really, what we’re seeing is the properties of a checkin: location- brands can claim in order to convergence of social media and sharing with friends on the same highlight their own content. New barcode scanning to create “social service or via social network social features allow for user scanning.” distribution. response in the form of threaded The consumer’s scanning behavior Services such as Stickybits and conversations, and voting to ensure is so significant that location- Bakodo are taking the social that the best content attached to the sharing checkin services such as scanning experience beyond the code rises to the top. SCVNGR are giving away QR checkin and creating product- Bakodo’s iPhone app began as a code decals to retailers free of driven communities around brands barcode scanner primarily for charge. Even Google is sending and items via barcodes. their own QR code decals out to comparison shopping, but it’s small businesses with popular Stickybits lets users add video, text, evolving to add social scanning Place Pages. What makes the scan photos and audio to the barcodes functions as well. App users can so significant? It is a tangible they scan in the physical world via scan barcodes of all varieties to connection between the physical iPhone and Andriod apps. It’s a review items and check out and digital world. For Google, clever way to use barcodes to help recommendations from friends. people tag, share and connect The barcode intelligence search engine combines a wealth of product-related data and socializes the process for a comprehensive product-driven experience. As scanning becomes a more socially acceptable practice, the barcode scan will only become more social in nature. Expect future QR code marketing efforts to tap into the social opportunities, and for brands to explore ways to engage with consumers at the scan touch point. SEASONAL MAGAZINE The most buzzy of the bunch right Google does have a reputation for now is Quora, an intuitive and letting purchased startups wilt after relatively straightforward Q&A site their pre-acquisition bloom, but whose co-founder, Adam D’Angelo, given how closely aligned Aardvark is most known for his past role as is with Google’s core search Facebook’s CTO. Quora was product, that likely won’t be the case founded in June 2009, released into here. private beta in January 2010, and There’s also the freshly enhanced immediately became a hit Q&A site Ask.com, which is seeking to join with the technorati crowd. In fact, the “people plus search results” web celebrities have been known to party with its new beta Q&A use the site to answer questions offering. about themselves. Most of the key players in the space There are few Q&A services that believe in the power of intelligent have received the same type of information discovery and define it attention as Quora, but the just- as the intersection of people and launched Facebook Questions their social circles, with scientific 2 project — which mirrors Quora in methodologies for surfacing the best purpose and function — was possible answers in the shortest released before Quora ever achieved amount of time. mainstream recognition. Now the Q&A and two products are essentially going Apple-owned artificial intelligence head-to-head, competing for the app Siri, however, eliminates the same audience. social and instead focuses on the Intelligent science of finding the right answer. Facebook has the clear edge when Information it comes to its built-in user base, but Right now the overlap between we’ve repeatedly seen bigger services such as Aardvark and Siri companies fail at side projects — is minimal, primarily because Siri Discovery just look at Google Wave — simply focuses on solving immediate problems of convenience — finding Web-based Q&A because smaller startups can innovate faster and have the benefit food, calling a taxi or making a services have been of progressively scaling over time. reservation — and not on long-term, around for years. Now Quora’s opportunity lies in more conceptual problems. Still, Siri the previously sleepy Facebook’s somewhat bungled is unquestionably a mobile search launch of Questions, and its smart engine keen on intelligent space is seeing renewed information discovery, which means interest from some of Another notable Q&A site that the technologies could become more contributes to the intelligent competitive in the months ahead. the Internet’s biggest information discovery trend is names. This second Google’s Aardvark. Another startup to watch for in this space is Swingly. The private beta iteration of Q&A Aardvark approaches the space with service describes itself as a “Web- services will likely a model that helps users surface scale answer engine designed to find forever redefine the way answers through friends of friends. exact answers to factual questions.” we find information, It’s an algorithmic social system that Humans are largely eliminated in should help Google improve its Swingly’s machine-driven Q&A because it re-imagines search algorithms. In fact, Google formula, so it too challenges the “search” as intelligent should be able to use the technology notion that social integration information discovery. to provide socially-relevant answers enhances the Q&A experience. in search queries. SEASONAL MAGAZINE 3 Group Buying

Group buying is the deal- a-day group coupon trend made popular by Chicago-based startup Groupon. It’s also a slight variation on flash sale sites such as Woot, an Andrew Mason, CEO, Groupon Amazon property, which originated in the early 2000s. Groupon is the brain-child of CEO Andrew Mason, who came up with the group buying idea after founding the earlier group-focused site The coming, but what’s also interesting for checkin and location-based Point in 2007. The Point is a is that a host of group buying services to intersect with group campaign platform designed to enterprise-targeted software-as-a- buying to create services similar to support group action around causes. service products are also cropping GroupTabs. The notion of having In 2008, nearly a year after launch, up. Each hopes to attract brand patrons check-in in masses to unlock the platform was repurposed to bring clients interested in offering their deals is extremely business-friendly. Groupon’s deal-of-the-day vision to own Groupon-style deals. Wildfire life in Chicago. has a Facebook-friendly do-it- yourself Group Deals product, 4 Today, Groupon deals are available Megachip Technologies just in cities across the world, thanks in launched their own daily deal coupon part to the acquisition of software, and daily-deal site Adility Mobile Meets international clone Citydeal. The launched a Groupon-like platform company has also managed to come for small business earlier this Loyalty by a $1 billion valuation, partner summer. with Twitter to power @EarlyBird As consumers purchase more deals, find alternative distribution All signs indicate that the group and more smartphones and via newspapers, and start buying trend will only increase in phone technology heads in the personalizing deals for subscribers popularity over time. Local businesses are finding that they can direction of the “super,” it’s in select cities. Just yesterday, only a matter of time before Groupon introduced its first successfully attract new and repeat business by introducing customers to old-fashioned loyalty, rewards nationwide deal — a 50% discount and club card programs head at the Gap — to much fanfare, their services with a deeply- attracting roughly 10 Groupon discounted group coupon. In fact, in the mobile direction. Two purchases every 10 seconds. Groupon asserts that 97% of applications — Key Ring and merchants featured on the site want CardStar give us a preview of Over the years, Groupon’s to be featured again, which further what’s to come. successful model has been copied demonstrates just how much demand with ease. LivingSocial, 8coupons they are dealing with. and a host of other clones have found their own way on the web. Recently, In the future, look for more brands Yelp, Zagat and OpenTable have to create their own Groupon-style veered away from their core product deals and for Groupon and its larger strategy to bring group buying to competitors to snatch up smaller their respective site audiences. clones in order to expand and enhance their offerings. Also watch The clones and copycats keep on SEASONAL MAGAZINE Both applications are designed to we’re already seeing from Tasti-d- built-in audience. eliminate plastic loyalty card Lite’s innovative approach to Tunerfish is another mobile and web buildup with a single digital automatic, POS-integrated social television checkin service. It’s repository. The apps leverage media rewards system. backed by Comcast and boasts barcode scanning technology so Shopkick’s retailer-friendly partnerships with networks users can save gym cards, grocery automatic checkin service is including HBO, Showtime and store cards, drug store cards and the currently being tested by Best Buy, NBC. App users answer the like, right to their phone. Macy’s, Sports Authority and question, “What are you watching?” This trend is just beginning to take Simon Property Group. This early by typing in the name of a show or movie and clicking the “I’m shape as smartphones become more interest in Shopkick points to watching” button. The service also commonplace, scanners become retailer interest in verifiable, provides behavioral incentives in the more sophisticated and retailers checkin-driven rewards. There’s form of awards, and has been also private beta mobile app become digitally savvy. In the actively working to bring network- Pushpins, which seeks to leverage future, we can expect integration sponsored, show-themed awards with merchant loyalty programs, as QR codes to further enmesh the in- into the mix. well as integration with checkin store shopping experience with There’s also Clicker Social, a services like Foursquare. The latter digital retailer rewards, the likes of relatively new addition from Clicker also demonstrates the inevitable which resemble the sophistication that turns the television search convergence of social media with of SCVNGR’s recently released engine and web TV guide into an traditional loyalty programs, which rewards program. entertainment checkin service as well. Checking-In to The re-purposed entertainment 5 version of the checkin is a smart way Entertainment to link entertainment consumers with What are you watching on content they love, enhance the social trend toward mainstream experiences around television, and television right now? audiences. potentially inspire new audiences to Whether it’s the latest There are a few other services in tune into trending or friend-approved episode of Mad Men or the the same mix that are certainly television shows. The enormous next installment of a reality worth watching. CBS recently amount of competition in such a dating show, chances are released their entertainment brand new space means that things that you’re sharing the checkin service, TV.com Relay. It’s are just starting to get interesting. entertainment experience a browser-based mobile app for All of the services need to evolve to either through face-to-face most smartphones that allows users attach real value to the checkin. They to checkin to live television shows each recognize that awards, badges interaction with friends and and follows the same TV guide- and stickers are easy ways to family, or by posting style format that Philo employs. encourage new user participation, but outrageous and shocking The CBS offering is nice to look these existing game mechanics moments to your favorite at, and offers content-driven badges merely scratch the surface in terms social media channels. like the other guys. It also excels in of user engagement. In the coming months, look for constant iteration on Consuming most entertainment the real-time comment department. In talking with the Senior Vice this front. For example, we can expect media is an inherently social Miso to introduce even more show- President and General Manager of experience. A crop of services have specific content exclusives via its CBS Interactive’s Entertainment popped up in recent months to show fan clubs and for GetGlue to refine that social experience and Lifestyle Division, Anthony experiment with offering discounts through entertainment checkins — Soohoo, it became clear that the and coupons that users can redeem the act of checking into the vision behind TV.com Relay for their Glue points. television show or movie that extends far beyond you’re watching right now. entertainment checkins. Soohoo also iterated that We’ve already explored why the application, which is entertainment will drive the next just a few weeks old, checkin craze, and three of the already has 100,000 emerging startups — Philo, Miso, users thanks to TV.com’s and GetGlue — propelling this

COAL INDIA PUBLIC ISSUE

10 REASONS Why The Nation Waits for this IPO Robust Business themselves busy readying funds Model and formalities to subscribe to the Coal India is the world’s largest issue. The IPO is supported by producer of Coal, thanks to being Wall Street majors like Citi, born in Coal Country, India, and Deutsche Bank, BofA - Merrill thanks to the head-start it enjoyed Lynch, & Morgan Stanley, as well as the sole PSU in this sector. as Dalal Street biggies like Enam Despite being India’s largest & Kotak. employer, its operating costs are much lower than almost all coal Nil Competition majors, including those in China. At Technically, Coal India is not a the same time, it services the monopoly. Many private sector second-largest coal demand in this players today have captive coal whole world, India’s power sector. fields for their own use. But Coal Together, this has resulted in a India and its myriad subsidiaries robust business model, seldom seen virtually control the bulk of this elsewhere in any sector or country. business, if not for anything else, for the simple reason that nobody Support of Wall else is equipped to cater to the Street & Dalal huge Indian demand. For many Street many years, if not decades, Coal If Coal India created history, when India is not expected to have any international banking giants vied serious competition. with each other to underwrite its IPO for next to nothing, it is again Best Rating going to surprise by way of support Coal India has garnered an IPO from international institutional rating of 5/5 from CRISIL, which investors. The idea of having 30% goes even one step above the reserved for anchor investors is ‘above average fundamentals’, already being scrapped, as the which in itself is rare in this international road-shows progress, country. In fact, the only and the underwriting institutions are challenges CRISIL found in Coal India’s strategy are efficient use of CIL’s International Edge their cash reserves and how the Players / Metrics Reserves Production Market Cap P/E main promoter (who will hold 90% (billion tons) (million tons) (billion $) (multiple) post-issue) will act by way of Coal India 63 431 NA NA Peabody Energy 9 201 12.58 23.40 enacting new coal regulations. Yanzhou Coal 2 36 10.54 13.83 Those are the kind of drawbacks China Coal 5 104 46.66 16.92 many PSUs would love to have! China Shenhua Energy 7 186 96.40 15.70 More solid ratings from more assessors are expected for this IPO IPO. That means all interested high-buzz energy sector. Whatever in the coming days. investors will be comfortably heavy pricing Government had Size that accommodated - FIIs, DIIs, retail resorted to earlier is likely to be accommodates all investors, pension funds, everyone. missing as such IPOs like NHPC & SJVN had failed to appreciate If Coal India IPO was just India’s Honest valuations much. More likely for Coal India biggest, many would have been Being a public sector company, will be how Engineers India FPO happy. Because, all interested retail nobody expects Coal India to be was finally priced, or even better. investors would be able to hold a exorbitantly priced like private On reasonable P/E and P/BV, both pie of this. But Coal India is also sector IPOs, despite being in the the Government and potential reportedly world’s third largest

Despite being the largest miner, CIL has often won accolades for their green initiatives. CIL’s Increasing Momentum Core Metrics / Years 2006 2007 2008 2009 2010 Total Income 34,009 35,005 38,617 46,064 52,592 investors are all set to gain. PBT 8,754 8,586 8,190 5,739 13,965 Efficient Management PAT 5,891 5,709 5,243 2,079 9,622 Restated Profit 6,114 4,205 4,285 4,063 9,829 Chairman Partha S Bhattacharyya Share Capital 6,316 6,316 6,316 6,316 6,316 understands both the science and Net Worth 14,254 16,213 17,201 19,008 25,844 commerce of coal. A physics Dividend % 20 23.75 27 27 35 postgraduate and an ICWA Fellow, EPS (Rs) 9.62 6.63 5.95 6.43 15.56 Bhattacharyya has clearly applied superb strategy over the years international quality coal. Combine make Coal India one of those rare leading to this IPO, to convert this this with Coal India’s expertise in IPOs that can be massive wealth once loss-making complex of delivering the most competitive creators over two, five, ten, or subsidiaries into a strong network pricing, and you see the fifteen years down the lane. of coal mining operations. His international story starting to appear secrets include a concern for the in the horizon. Talks are already on Potential for Listing Gains labour force which can be seen to take stakes in international mines. If you are looking for short-term from the largest ESOP, his concern gains too, Coal India comes across for making Coal India a highly- Fit for Invest n’ Forget as a strong case. If not for anything profitable organisation, and his There are chances that Coal India else, the above nine factors will concern for the environment. will be one of those issues fit for ensure that Coal India will set new the invest n’ forget philosophy, records in over-subscription, paving International Potential much like Reliance Industries or the way for significant listing gains. Coal India’s story so far is Indian. Infosys. The demand story and the But, more seriously speaking, Coal But this is going to change soon as growth story of Coal India is akin India’s attractive valuation will Coal India starts to get results from to the best in Indian industry, with leave enough money on the table for the next-gen washing process that the demand insatiable and the many weeks, months, and quarters will enable Coal India to deliver growth relentless. Such factors to come, and make it a heavily traded scrip fit for Nifty and Sensex. CELEBRITIES "I enjoy acting. Acting is in my blood, it is in my genes, it is in my DNA and you can see that on screen I like doing different roles. I can't do just those films where I am looking pretty and sing and Karisma and dance around trees. I want to act, " Kareena told in an interview. I can't marry The actress considers her debut film "Refugee" (2000) a special film. " 'Refugee' was a very special film be- the same man: cause I always wanted to prove myself as an actress and not to be known just as a glam doll. There are films like Kareena 'Refugee', 'Chameli', 'Omkara', 'Jab We Bollywood star actress Kareena Kapoor feels she Met', '3 Idiots' and 'Kurbaan'; they all Bollywood star actress Kareena Kapoor feels she have been very different. has managed to strike the right balance between "I don't think any other actress has been commercial and meaningful cinema. Hailing from able to do such a variety of roles. So an illustrious film family, she says she can't do the journey, I think, has been colourful, films where she only has to dance around trees. " said Kareena, 29. Nine years after "Kabhi Khushi Kabhie Gham" (2001), where she played Kajol's younger sister, Kareena has teamed up with Kajol in Sidharth Malhotra's directorial debut "We Are Family". She is elated to share the same frame with the senior actress. "I think it's an exciting challenge to be working with Kajol. In 'Kabhi Khushi Kabhie Gaam' we didn't have too many scenes together, but in this film we are both in the same frame. We both live in the same house, have equally powerful roles; in fact, mine is the most complex and complicated part. It's very easy to be emotional and gain sympathy but very dif- ficult to win over the sympathy and I hope I SEASONAL MAGAZINE could achieve that, " she said. Releasing Sep 3, "We Are Family" is the Hindi adaptation of Hollywood hit "Stepmom" (1998). Arjun Rampal plays what Ed Harris did in the origi- nal, while Kajol steps into Susan Sarandon's shoes as as a divorced mother. Kareena plays the same role that Julia Roberts did, but in her own style. "I am absolutely honoured that Karan (producer Karan Johar) and Sidharth thought that I could do the Julia Rob- erts role because to me she is the fin- est actress, " said the actress who feels the adaptation could have been more contemporary. "It's a very desi film. I think it should have been made more contemporary. Indian audiences are ready for that. It's about the journey of two women. They start off with hating each other and due to unforeseen circumstances they end up loving each other." While working with Kajol, Kareena observed that her co-star was quite similar to her sister Karisma when it Madonna schedules comes to their child. "Kajol is a hands-on mother. I have 15-minute seen Karisma. Both Kajol and Karisma, I don't know if it's the trait of that generation, are just there with appointments their children, " said Kareena. Asked how it would have been if with kids Karisma had played Kajol's role, she quipped, "Oh god! She can't do that because we can't marry the same man. Madonna’s kids have appointments No way." made to spend time with their super- There are three child stars - Aanchal Munjal, Nominath Ginsburg and Diya star mum, according to reports. Sonecha - in the film, but Kareena The Material Girl’s personal assistants are said to schedule time for didn't have to handle them. She is all her with Lourdes, Rocco, David and Mercy in 15-minute increments. praise for their professional behaviour on the sets though. “The children are said to have appointments made to see their mother, who will help with homework, or sing, or even make food with them "In the film, I didn't have to be with the kids because they had their mother - but only if it has been planned in advance,” the Daily Mail reports. (Kajol). The children were really The youngsters are said to have three nannies, all of whom speak lovely, they didn't get impatient. They French as the kids are being raised to be bilingual. Two macrobiotic were acting like adults, not like chil- chefs whip up meals, and there is no red meat, pork or refined sugar dren, " said Kareena. on the menu, while dairy products are strictly limited. SEASONAL MAGAZINE COAL INDIA PUBLIC ISSUE

The IPO the Nation Waits For

India’s largest and the world’s third largest IPO is coming, with some estimates putting the final size at Rs. 17,000 crore. With an operating margin of 30%, cash reserves of over Rs. 39,000 crore, quite reasonable offer valuations, and an ambition to grow quantitatively and qualitatively despite its already world-dominating production, nobody is doubting whether Coal India’s IPO would be a success. Already a feather in the cap for Sriprakash Jaiswal, Minister of State for Coal, and Partha S Bhattacharyya, Chairman of Coal India, the only thing investors are looking for from this IPO will be the kind of capital market stewardship Coal India will accord its scrip, post-listing. If CIL can achieve this investor confidence, this public issue can set records in subscription. SEASONAL MAGAZINE ver wonder why PSU banks are all- time favourites among discerning investors – both retail & institutional investors - despite most of them trading in the sub-100 and sub-500 price ranges? It is just because they were offered to the public at reasonable valuations, and from those levels, most of them have at least tripled in value within a few years time. And ever wonder why some of the big brand names of India Inc have failed to enthuse the investing public? Again, it was a case of valuation, with many private sector giants in power & real estate sector offering their shares at astronomical valuations, but with no follow-up by way of actual Sriprakash Jaiswal, performance in income or profits. Minister of State for Coal

Now, when Coal India Ltd goes for Partha S Bhattacharyya, Chairman, Coal India its IPO in the second-half of October, the good news is that it will be on reasonable valuations, probably on a price-earnings ratio of 17-18. CIL scrip’s book value will also be high due to its capital intensive operations, and together, these valuations present a compelling case for the investing public as Coal India has some unique potential. Unlike the power sector, which has the growth potential but relatively low and steady margins, Coal India is an organization that has succeeded in creating an operating profit margin of 30%. The growth projections are massive with an aim to double its turnover within a timeframe of 3 to 5 years. Though technically not a monopoly, Coal India enjoys unbeatable head-start in this sector, as well as the SEASONAL MAGAZINE patronage from Government due to come under the compulsory 25% its demonstrated growth curve. public holding norm has also come The strength of Coal India’s as a blessing for CIL, as this will financial health will be clear from ensure that the public float will just one metric. Normally, remain 10% for long, until the companies go for their IPO to enter company plans for an FPO, that too a higher orbit of capex and/or with fresh equity. In fact, the correct the debt-equity ratio. CIL company will have only 9% as free doesn’t need an IPO for either of float for now effectively, as 1% of these objectives. Not that it is not the issue will be reserved for Coal having a mega capex plan. But it India employees as ESOP, which can fund the Rs. 10,000 crore plan will obviously have a lock-in very well on its own as it is sitting clause. on cash reserves of over Rs. 39,000 Even more importantly, the low crores. float, the huge reserves, & the

The strength of Coal India’s financial health will be clear from just one metric. Normally, companies go for their IPO to enter a higher orbit of capex and/or correct the debt-equity ratio. CIL doesn’t need an IPO for either of these objectives. Not that it is not having a mega capex plan. But it can fund the Rs. 10,000 crore plan very well on its own as it is sitting on cash reserves of over Rs. 39,000 crores.

Because of this vital difference, mega ESOP signal that Coal India Coal India is not issuing any fresh will be free to deploy tools like a equity on its part, and the whole bonus issue in the coming quarters of the issue – which can even be or years to compliment all upwards of Rs. 17,000 crore - is stakeholders. just a divestment by the only With the IPO and listing, Coal promoter, Government of India. India is also entering some of the This prevents equity dilution, most prestigious national and which is a big plus for the newly international ‘clubs’. Inclusion in entering investors. Fortune 500 and Maharatnas are Coal India will have only a 10% just two examples, where the public float, which in itself can listing clause was preventing CIL’s make the scrip dearer and enjoy inclusion. The company will also progressively high valuation over be the largest publicly held time. The Government’s recent employer in India after the IPO. corrective stance that PSUs won’t SEASONAL MAGAZINE Internationally, Coal India has been gathering much attention as not only this globe’s third largest IPO after two Chinese banks, but for some exemplary performance in their core segment, as well as in managing human resources. Recently Coal India and its Chairman Partha S Bhattacharyya won a couple of Asian HR awards at Singapore. World’s largest coal producer is also planning for strategic tie-ups with American, Australian, & Chinese mines to better its output quality and increase its dominance. In India too, the company got a shot in its arm when the Cabinet decided in its favour on the go/no-go area debate proposed by the environmental ministry. In some ways the decision was ethically sound, as CIL has often demonstrated a rare concern for the environment, their massive afforestation program being one. The world is taking note of this IPO for one more reason. Coal India has been able to weave this magic despite suffering from geographically poorer quality coal, and the mandate to provide almost 50% subsidy compared with international coal prices. In a scenario where its coal quality improves due to international tie-ups and investment in a new washing facility, as well as more non-subsidized deliveries, Coal India stands to have a significantly better profit margin in the years to come. The only thing investors will watch out for is the kind of stewardship for the CIL scrip in the capital markets, post listing. If Coal India can excel on that front by meeting stringent analyst requirements, as well as ensure value multiplication for its investors quarter-to-quarter, fiscal-to- fiscal, as much as it excels in ensuring its actual growth, there is no reason why this can’t be one of the most significant wealth creation stories that public can safely participate in. Indications of such stewardship are already coming in with plans on to have high-profile anchor investors for the IPO, a step that will be

taken by a PSU for the first time. SEASONAL MAGAZINE IN-FOCUS “Manappuram is Redefining How Gold Loans Are Looked Upon” immense possibilities as not only Riding on the response from a mega are the risks negligibly small, but also the ticket-sizes and repayment campaign to promote the cost-effectiveness, periods are small, making them convenience, flexibility, & safety of gold suitable for a wider customer base. That is why you hear about so many loans, Manappuram Group is all set to double NBFCs / Banks planning to enter gold loans, even if they don’t its loan book this fiscal and again in next eventually due to a lack of core fiscal. Powering the rapid growth will be a competency in this line. Rs. 1200 crore QIP that will be backed by What about NBFCs consid ering conversion into banks? Citi, UBS, Enam, & Religare, and likely to Here the question is different as witness US based PE funds who exited the banks have a dynamics of their own which is not comparable with stock with 5X returns re-entering the NBFCs. There are upsides like access to low-cost funds, but what company as anchor investors. Manappuram I am wary about is losing one’s core Group Chairman VP Nandakumar in competence. Today, if you look at any successful NBFC, be it Shriram conversation with Seasonal Magazine: Transport or Manappuram, what works is the sharp focus on a single business on which the organization f you look at the NBFC finance into it. If you assess each has built up a formidable core sector today, four of them, there is no doubt competence. So, if there is a way to businesses are booming microfinance is in momentum, and get converted into a bank without viz. microfi nance, I would say it is fully deserved if losing one’s core competence, that housing finance, gold loans, and of you take into consideration the is well and good. In fact, an earlier course, the fourth is the prospects good work they do. Still, the risks proposal to encourage specialized in starting banking operations. are high and we should carefully banks like auto loan banks or Though Manappuram is only watch how this pans out in the long housing loan banks or gold loan involved in goldloans, you have run. Housing finance, again is banks was a good proposal, we been involved with each of these booming, and for a housing finance think. It is the norm in many sectors as a co-promoter in certain company it is a good thing that each countries. companies and as a former banker of their accounts will stay with them too. How do you asses the for 15 or 20 years. However, there Since the announcement of your potentialities of each? is a flipside too in that profit preferential issue of Rs. 100 crore, As you have rightly pointed out, generation is a long-drawn process. the Manappuram scrip has these are NBFC sectors that are Gold loans on the other hand is a zoomed. Now, going forward, do booming, and I would also add auto very dynamic business with you subscribe to the view that for SEASONAL MAGAZINE NBFCs, market cap can continue to move in tandem with assets We have a Rs. 4000 crore loan book on 35 tons of under management?

gold, and so you can imagine the potential when The preferential issue by promoters “ was taken well by the market as

we tap into this 1500 ton unorganized sector. That being done at almost all-time high is the short-term potential we are aiming from this levels, it conveyed the message that campaign. The long-term prospects are mind-bog- “ we were fully confident of our growth projections. When this gling - the household gold reserves is 20,000 tons, happens to a currently underrated that is ten times the currently pledged gold. scrip, the prices can correct, and that is all that happened. Coming to your second question, well, this AUM / market cap co-relation has been exhibited in the past by some strong NBFCs including Manappuram. I shouldn’t say whether this will continue to be so in our case, but one thing is sure, we will be reaching our annual AUM target by the second quarter itself, and that means we will hopefully double our loan-book by the end of this fiscal. You have indicated plans for a QIP which we learn is going to be on a larger scale than you have attempted before. Can you provide more details, as also the dilution it will involve? We are planning for a Rs. 1000 - 1200 crore QIP so that our capital adequacy ratio will remain comfortable even if we double our loan book. It is planned on a larger scale, supported by Enam & Religare, as also international majors like Citi & UBS. You will be surprised to know that even some international PE funds who exited Manappuram with 5X profits have shown interest to come back through this QIP as anchor investors. The dilution won’t be much, likely to be around only 20%, and weighed against our growth it should be a non-issue.

Gold loan companies tend to perform well in downturns, and plateau during periods of economic growth. Now, as the country is in an economic recovery, do you foresee a SEASONAL MAGAZINE slowdown for Manappuram? the unorganized sector. That is the Not at all. In fact this idea that gold short-term potential we are aiming loans is a downturn business is a Many loans tend to do better in from this campaign. The long-term misnomer. Many loans tend to do downturns and gold loans is prospects are mind-boggling - the no exception.“ But the reverse household gold reserves is 20,000 better in downturns and gold loans is no exception. But the reverse is is not true for gold loans. This tons, that is ten times the currently pledged gold. not true for gold loans. This business thrives amidst business thrives amidst economic economic recovery and amidst recovery and amidst strong growth On a personal capacity, you have strong growth phases. The also entered the gold retailing phases. The reason for this is reason for this is simple. simple. Today, if you look at business. What are the strategies Today, if you look at Manappuram’s customer base, here? around 52% is made up of small & Manappuram’s customer base, First and foremost, Manappuram is

micro enterprises. They expand around 52% is made up of selling only 100% BIS Hallmarked their businesses seasonally - one small & micro enterprises. gold. This is quite unlike other

small example being the school They expand their businesses jewellers who advertise hallmarked reopening period - as also when seasonally - one small example gold, and push non-hallmarked 91.6 “ gold in the showrooms, ostensibly there is strong economic growth. being the school reopening for offering better prices. On our period - as also when there is side, we have taken up the challenge That brings us to Manappuram’s strong economic growth. new ad campaign with celebrity to offer hallmarked 91.6 gold at endorsements. How far is it non-hallmarked price points from delivering - quantitatively and other jewellers. Secondly, we do qualitatively? fully transparent accounting, with It is delivering excellently, but that payment of 100% applicable taxes. is not the crux of the issue. Our We also offer free insurance against objective in that campaign is to theft for gold purchased from educate the customer regarding the Manappuram. flexibility, convenience, & cost- effectiveness of gold loans as Do you think you can storm the against other kinds of personal and gold retailing bastions as much as business loans. In other words, the you have been successful in stigma associated with gold loans outperforming family-run gold should stop. As you can see, we are loan companies? focussing on growing and I am more than confident, because professionalising the gold loan we will not be targeting the segment through this campaign, customer segments of other branded jewellery chains, which is and not only looking at our own banks account for only 400 tons, largely made up of HNIs. Our target returns. I think we are all set to and the organized sector including population would be the volume succeed in bringing respectability us accounting for another 100 tons segments for whom gold is also an to this segment. approximately. But what about the investment or enabler, and as such, remaining 1500 tons? That lies with purity and price are of utmost When you say growing the gold the unorganized sector where you importance. Our shops won’t be loan segment, you know it is a can’t expect proper documentation mega or large format ones, but more long-drawn process. What about or security, let alone reasonable accessible to local communities. We immediate returns? interest rates. So, when you convey have done an India-wide study on I would say you cannot segregate it the message that here is a fully the subject and found out that the as long-term and short-term professional gold loan operation volume segment still buys from objectives. But as you say, with safety and reliability, smaller shops, goldsmiths, and immediate gains are also quite customers are likely to be jeweller cum pawn shop setups. We there. The current gold loan converted. We have a Rs. 4000 crore are aiming to be the volume leader segment is not small as such. Some loan book on 35 tons of gold, and and will have to our credit 2000 tons of gold have been so you can imagine the potential redefining gold purity and price pledged in this country, of which when we tap into this 1500 ton in SEASONAL MAGAZINE transparency standards. Older Adults Nearly Double Their Social Media Presence new study from Pew Internet found that between April 2009 and May 2010, social network- ing site usage grew 88% among Internet users aged 55-64, and the 65 and Google, The Tilm: older group’s social networking presence grew 100% in the same time frame. Internet Giant to Star Young people still dominate social networks like Facebook, but their usage only grew 13% during the in Hollywood Film year covered by Pew’s report. Older adults are catch- he founding of Google, the ing up at an incredibly quick pace, though it remains to be seen whether they will pass the youth or hit a internet giant, is to be the ceiling at or below the usage levels reported by young subject of a Hollywood film. adults and teens. It follows the soon-to-be-released The Social Net- Older adults who use services like Twitter or Facebook work, directed by David Fincher, which chronicles are still in the minority amidst their peers. Pew reported the founding of Facebook, the social networking about 10 months ago that 19% of all Internet users use website. status updates, but only one in ten Internet users aged According to Deadline Hollywood, the entertainment 50 and older used status updates or read ones written industry blog, the film will be based on the Ken by others. That’s a lot more than there used to be, but Auletta book "Googled: The End of the World As it’s still a small group — especially when you consider We Know It" and will tell the story of founders Sergey the fact that Pew’s numbers only cover people who are Brin and Larry Page. on the Internet at all. Many people in that age group aren’t going online to begin with. Michael London, the film's producer, told Deadline Hollywood: "It's about these two young guys who According to report author Mary Madden, e-mail still created a company that changed the world and how dominates interpersonal communication for the 50 and the world in turn changed them. older set. "The heart of the movie is their wonderful edict: don't be evil. "At a certain point in the evolution of a com- pany so big and powerful, there are a million chal- lenges to that mandate. "Can you stay true to principles like that as you be- come as rich and powerful as that company has be- come?" Page and Brin founded Google while they were PhD students at Stanford University in the 1990s. They are now billionaires. No actors have yet been cast to play them. The Social Network was adapted from Ben Mezrich's 2009 book "The Accidental Billionaires." SEASONAL MAGAZINE LUXE PROJECT Prestige Redefines Luxury with Silver Oak Bangalore headquartered Prestige Estates Projects is continuing their efforts to differentiate themselves from competition by launching distinctly premium projects like Silver Oak, which is mainly a villa project following Middle East architecture.

he Group continues to be in news and momentum with Irfan Razack recently being bestowed ‘Entrepreneur Extraordinaire 2010’ award by CREDAI & BAI. Prestige has to its credit impressive projects like UB City and Shantiniketan. The Group is very closely and equally held by three brothers including Irfan. Prestige has lined up Rs. 7000 crore of new launches in calendar year 2010, of which a few has already been launched. Prestige Silver Oak is one of a kind lifestyle residential community development from Prestige Group. Spread across 17 acres and located in Whitefield, IT’s newest hub in the city, Prestige Silver Oak is poised to become the next premium luxury destination in Bangalore city. Comprising of 146 independent Villas and 32 low-rise Apartments SEASONAL MAGAZINE residents, Prestigeresidents, Silver Oakalsoprovides an Keeping needsoftheir inmindtherecreational views serenegreenery. tothesurrounding on anoutward lookingplantomaximize the between 1851–2411Sfthave beendesigned spread across4floors,withareasranging including 4palatial bedrooms. The Apartments models oftheseelegant villasareavailable, each in theirown private gardens. Eightdifferent 3606 –5091Sft.are 2storied edifices ensconced The IndependentBungalows, rangingacross 30% toprovide extensive landscape areas. residents. The landcoverage isonly to provide asylvan haven toits accommodate only178unitsinorder development hasbeendesignedto lifestyle.”modern day The fantasy withthepracticalityof spatial designswhichcombines Middle Easterntypearchitecturewith reflects anintroductiontoapopular this segment. The development another milestonefor thecompany in SilverPrestige Oakpromisestobeyet to luxurious living inthecity. project isallsettogive anew meaning and setamidstsceniclandscapes;this a healthy community living.a healthy ,mini theaterandoutdoorloungesaimingtoprovide atm, indoor gym, spa, pool,swimming multipurposehall,coffee shop, clubhouse. The clubhouse boastsofafullfledged development isthecentrally located spacious One ofthemainfeaturesthisresidential for moderndaypremiumlifestyle. with every amenitythat imaginable isanecessity exclusive which clubhouse, state-of-the-art comes V Shashikanth&UzmaIrfanatCityProperties 3rd Anniversaryevent sports area, supermarket sports area,

SEASONAL MAGAZINE SPANDANA SPHOORTY IPO

he moment news came out that Can Spandana Spandana was considering IPO too as a fund raising strategy, the question on all investor Deliver a minds was this – how does this fare vis-a-vis SKS? Days later, most retail investors know that Spandana MicroFin IPO is the second largest micro finance institution, but nothing much more than that. You Shouldn’t Comparisons with SKS, though unavoidable, is not the crux of the issue as discerning investors would opine. Because, nobody can predict Miss? whether it will be SKS, Spandana, or even any among the 20 odd At over 4 million customers, Rs. 15,000 crore scaleable MFIs which will be the one calling the shots a couple of total disbursements, annual growth rate of 100%, years from now. the highest employee productivity and lowest But after a detailed look at Opex in South Asia, an RoE running between 50 Spandana’s history and performance, one can’t remain to 60%, and an unbelievably high pre-issue EPS unimpressed at its leadership of Rs. 152 on a Rs. 10 share, investors are sure potential, that too of the absolute to look twice at Spandana if it goes forward with kind in the long-term. Because, Spandana seems to have that rare its IPO plans. Seasonal Magazine interviews Mrs. knack of being superbly tuned, in Padmaja Reddy for this story: every sense of that word, and more importantly for all its stakeholders.

Padmaja Reddy Founder and Managing Director SEASONAL MAGAZINE For starters, Spandana has one of the lowest lending rates among all MFIs operating in the country, which in itself is lower than other MFI strongholds like Bangladesh & Vietnam. For Founder and Managing Director Mrs. Padmaja Reddy, this is of core importance as unlike many later-day MFIs, Spandana has its origin in grassroots level NGO work among the poor. She has also made sure that Spandana has one of the least complicated yet most diverse micro loan products that are readily understood by the loanees with no hidden costs in the name of value- added services. Falling under six broad categories – general, micro This factor in particular has been a Seasonal Magazine interviews Mrs. enterprise, individual, income cause of concern with investors in Padmaja Reddy for this story: generating, agri-family, & farm SKS, as the firm had to reassign pure equipment – her branded loan Size-wise Spandana is the second PE funds as Sequoia into promoter products, Abhilasha, Pragathi, largest microfinance company, roles. Spoorthy, Samruddhi, & Dharani are which is well and good. But are already acknowledged as great Spandana’s almost unbelievable there some domains in which enablers in the markets that match of service levels and profit Spandana is absolutely No.1 Spandana operates in. levels is due to two factors that has compared with SKS or other players been noted by various rating comparable to you? Despite such transparency that agencies. Even while enjoying 40% favours loanees and the lowest In terms of size, the difference better productivity from its team possible interest rates, Spandana was between SKS and Spandana is 5% than the industry average, the first MFI in India to cross the on AUM. Spandana operates on the Spandana’s operating costs are impressive milestone of Rs. 200 theme of process efficiencies that significantly lower. crore profit after tax! Against the result in our operating expenses average return-on-equity of 20% Mrs. Reddy has also steered this MFI being the lowest – we have always enjoyed by similar-sized MFIs, into a solidly sustainable model with maintained a sub 6% Opex ratio Spandana has an RoE running Spandana being the first MFI to while the industry average is 12% between 50 to 60%. achieve the highest possible credit plus. Operational efficiencies make rating of mfR1 from CRISIL, and us the most profitable MFI in India. Another distinction in Spandana’s benchmarked as one of the most In terms of operational efficiency we operation is their reliance on cost-efficient MFIs in the world by are the leader in the industry. Our domestic funding sources like banks the international body M-CRIL. At employee productivity has also been and equity, which is quite unlike over 4 million customers, Rs. 15,000 the best in the industry which has aggressive US based PE funds that been achieved through innovative are now making a beeline for MFIs, crore total disbursements, annual practices and simplified solutions. which unfortunately will result in growth rate of 100%, and an Spandana also has a cautious growth adulterating the objectives. Instead, unbelievably high pre-issue EPS of strategy. We strongly believe that this Spandana is backed by domestic Rs. 152 on a Rs. 10 share, investors customer segment needs efficient, financial powerhouses like IDFC, are sure to look twice at this IPO. high-quality services. In the last 12 SIDBI, & ICICI Bank. But, of course, much will depend years of our operations, we have Due to this, and her personal belief upon how Spandana will price this disbursed over 15,000 crore and in this model, the promoter group led issue. If it is better priced than SKS’ have over 99% recoveries. We have by Mrs. Reddy has an operating 35 P/E, there is no doubt why this about 50 lac borrowers with an Asset majority stake in Spandana which is shouldn’t be a good long-term bet. Under Management of Rs. 4200 likely to continue for a long time. crore. Also, as part of our growth SEASONAL MAGAZINE SEASONAL MAGAZINE complete suiteofsavings andother MFIs restricts theirabilitytooffer current legal structure ofNBFCfor at customerdoorstep. However, the can dosustainable service delivery engines offinancial inclusionthat increasingly acknowledged as etc. Also, MFIsarebeing insurance players,big/smallbanks companies, assetfinanciers, different scales–beitmicrofinance services companiesoperatingat room many for different financial Banks isconcerned,Ithinkthere with as SKSmarket capcomparison in thefinancial space. services As far India stillhaslotofwork tobedone licence for Spandana? your view onapplying for abanking in market cap, postlisting. What is almost 25public&privatebanks paper andSKShassurpassed spotlight duetoRBI’s discussion Banking licenceisagaininthe geographies. capability toadaptnew believe thatSpandanahasthe linguistic barrierswithinIndia,we expansion. Operatingacross will certainlyevaluate cross country when opportunitypresentsitself,we geographical outreach.Butasand have alottodowithinourcurrent for enteringNepal andChina. We As ofnow, wedonothave any plans in thosecountries? greater riskmanagementnecessary eyeing there? And what about the What arethesynergiesyou planning toenterChinaandNepal. You Spandana about haveindicated journey continues. and Madhya Pradeshandthe states of AP, Karnataka, Maharashtra We have themarketleadershipin we go within3-4yearsofourentry. provider inmostofthestateswhere become themostpreferredservice in allstates. This hashelpedus knowledge insteadofputtingflags contiguous states bybuilding local strategy,grow we in gradually also evaluating technology solutions industry. At thesametime, we are increase theoverall pieof the similar products,wearetrying to reaching tothesamecustomers with our suiteofproducts.Instead initiatives –including diversifying at Spandanawearetakingmany Besides supporting thecreditbureau, that multiplelendingisrestricted. strengthen theirsystemstoensure member MFIswillbeableto time progresses,alltheMFIN regulatory agency. We hopethat as on. MFINhasbeensetupasaself need todis-compassionately work This iscertainlyanareathatallMFIs managing thesame? environment. How isSpandana risk tothemicrofinancing financiers issaidtobethebiggest borrowers different by micro Multiple microloanstothesame proved tobebankable. where theworking-poor have been growth scalable model a viable, are acknowledging microfinance as However, itisclearthatthemarkets need totake aholisticview. profitability,potential, andRoE. We growthquality andsizeofassets, capthings – isafunction ofmany almost double ofits AUM. Market The current market cap ofSKSis metric? from beingovervalued onthis of MFIstoo,astheycomedown that eventually happen inthecase the assetsundermanagement. Will movescap handinwith only Normally for NBFCs,themarket becoming Banks. that MFIscanprepare themselves for on theregulatory framework sideso lot ofstrengtheningneedstohappen However, asofnow, we seethat a be evaluating theBankingforay too. service provisions. Therefore will we evaluating how wecanimprove our customer segment andwe arealways customers. We are focussed onour credit productstolow-income not ableto participate inthe un-reached working-poorwho are continues tobealarge number of gap tobelarge. continues There toworktrying inthis field, but the DCCBs andmany Bankshave been sufficient financial RRBs, inclusion. interventions didnotachieve since many ofthestate-led microfinance hasgainedground the business model.Inmany ways, and build insufficient mitigants in that weareabletomanageourrisks different risks, andwe needtoensure Every business with isfraught agricultural loanwaivers? repayments, much like the interfere inthesystemof such ascenario where politicians financing. Doyouanticipatefor the projectedrisks for micro Political riskconstituteanotherof addressed. to take multipleloanscanbe such thattheneedofcustomers put themoney. Someofthemmight figure outwhere they would like to investors willeventually beableto companies cometothemarket, the if many ‘planning-to-perform’ investors. Iamconfident that even float. Restofthemneedearlystage access capitalmarkets withaviable microfinance playerswho can I thinkthereareonlyabout4-5 going infor theirIPOsin2010-11? from, say, adozenmicrofinanciers think such canhappen ascenario to-perform companies.Doyou performing companiestoplanning- due tomoneygettingdiverted from inthemarketsresulted crumbling, realty &power finally IPOsthat In 2007-08,therewas astringof us tohelptheworking-poor. would appreciatethisfact andhelp services. We hopethat thepoliticians have accesstoaffordable financial economic growth sincethey donot framework. Government already that we comeunderthe regulatory to NBFCsafterachieving scalesuch started asNGOsandhadtoconvert fast enough.Infact most MFIs based programmes couldnotgrow linked intervention sincethesubsidy Microfinance startedasamarket- boost tocompanieslike Spandana? cost fundscanprovide afurther microfinancing? Doyouthinklow- doing enoughtopromote Do you think theGovernments are price. and that would reflect inthestock customers willdictatewhogrows company, andeventually the raising events inthelife ofafinance provision. IPOisjustoneofthefund with adifferentiated service terms orsomeofthemmightcome show faster growth inpercentage on asmallbase,suchcompaniescan decide togoforsmallerplayerssince work remains tobedone. the tipoficeberg andalotof our journey. We have onlytouched fromour Bankers through support certainly like toacknowledge the microfinance industry. Iwould continue tosetbenchmarksinthe transparency would andwe believesSpandana strongly in varying cash-flows ofcustomers. with variable repayments tosuit customised microfinance loans of theirgrowth. We have them atdifferent products stages their economicgrowth andoffer We handhold ourcustomersthrough further groundinthisindustry? Spandana’s USPshelpingittogain Going forward, how doyou see coming years. increasing ordecreasinginthe don’t seeoursecuritisedloans securitisation regulations too,andI MFIs, Spandanawelcomes healthy regulations concerning are securitised. As withallother currently around40%ofourloans Securitisation isagoodenablerand decreasing inthecomingyears? securitised portfolio increasingor securitisation, doyouthinkthe conditions cominginfor loans? securitised With stricter would betheappropriate ratioof securitisation ofitsloans,andwhat Is Spandanaresortingto the benefit toourborrowers. of fundstoMFIs,wecanpasson time, ifthegovt bringsdown thecost not lookforsubsidies. At thesame standards inthemarket. We should etc, MFIsareincreasinglysetting governance, operatingefficiencies promoting transparency, good become morerobust. Intermsof followed suchthattheinstitutions institutions, best-practicesare ensuring thatasfinancial continue toplayasupportive role in financial inclusion. They can acknowledges MFIsasenginesof

SEASONAL MAGAZINE MCA RECREATION CENTRE More Than a Club Mumbai Cricket Association’s Recreation Centre (MCA RC) is racing towards completing two years of existence. Even within this short span, the elite club has evolved into a lifestyle hub that enriches the life of all at home and office. No wonder then that MCA RC has received such a tremendous response to its membership drive from families and blue chip corporates. The credit for the success of this joint venture goes to the influential Mumbai Cricket Association and the visionary infrastructure player, the Shirke Group. Rajiv Wagh, Vice President of MCA RC, explains to Seasonal Magazine why this 14-acre British Raj themed luxury club in BKC, Mumbai, is truly one of its kind in the country. SEASONAL MAGAZINE SEASONAL MAGAZINE More Than an Office If you thought MCA RC is all play and no More Than work, you got it wrong. Harvard Business Re- view is coming to MCA RC with an HR event. a School The Businessworld Leadership Series is also Imagine getting to celebrate Harry happening, thanks to the initiative of MCA Potter’s Birthday on July 31st. Other RC. Bureaucrats and local businessmen will upcoming events at MCA RC - by the have many things to cheer when the exhibi- kids, for the kids, and of the kids - tion ‘Maharashtra Marches Ahead’ is staged include Friendship Day, Independence in BKC. In the past too, MCA RC has taken Day, Tourism Day, Teachers Day, the leadership role in promoting business in- Chess Championship, Squash Camp, teractions with events like CNBC Storyboard and many more. The kind of variety and ET CEO Chair being hosted at the club. and fun involved in these events is A two-day corporate rink soccer was also difficult to find in any school, as MCA held among advertising and media industries RC members’ children and their with teams coming from NDTV, Ogilvy, BBH, guests from different schools across FCB Ulka, Group M, and many more. the city make these occasions memorable, thanks to the great infrastructure and the greater planning. Past events at MCA RC that thrilled children include Sachin Tendulkar’s Birthday, the Cyclothon on World No Tobacco Day, and planting saplings on World Environment Day. The summer camp for 4-14 year olds was memorable with children learning a host of arts, crafts, sports, grooming lessons, and martial arts. SEASONAL MAGAZINE More Than a Club If a club is just about recreation, MCA RC is also about learning and self-development, even in sports. Major championships or training sessions are all set to happen in chess, snooker, & squash, not to mention the ongoing sessions at the MCA Indoor Cricket Academy. Art doesn’t take a MCA RC Gymnasium backseat with all these sports however, with ‘Heartistic Expressions’ all set to highlight art based on festivities, in sync with the festival season that is about to kick off. Doctors’ Day celebrations will highlight the often overlooked medicine, a good laugh. MCA RC also distinguishes itself from other Mumbai clubs in its celebrity membership and celebrity participation with events from the recent past playing host to celebrities like Sachin Tendulkar, Shah Rukh Khan, Rahul Bose, Ritesh Deshmukh, Prahlad Kakkar, Gaurav Kapoor, Mahesh Manjrekar, Bharat Dabolkar, and not to mention the Miss India contestants and winners. Celebration of Mothers Day

SEASONAL MAGAZINE Celebration of Maharashtra Day More Than a Home There is nothing like home-sweet-home, but it is ironic that some days of importance are better celebrated not in homes but in close- knit groups of friends and relatives. Take Mothers’ Day or Family Day, for instance. Both were celebrated with aplomb at MCA RC and it was no wonder that many emotions that are normally not shared in between our four walls were shared here to laughter and joyful tears. In the coming weeks too MCA RC will host many a thankful event like Friendship Day, Independence Day, and Teachers Day, not to mention festivals like Ganesh Chaturthi. In tune with Mumbai Cricket Association Recreation Centre’s commitment to social causes, a First Giver’s Club is also being organized for facilitating serious donations to NGOs. SEASONAL MAGAZINE Rajagiri Reiterates its No. 1 Position In the recent NITCAA Survey of Engineering Colleges in Kerala-2010, Rajagiri was rated as first among self-financing private engineering colleges. The study was reiterating a position, as when self-financing engineering colleges entered the professional education scene in Kerala, Rajagiri School of Engineering & Technology (RSET) was quick to occupy the top spot. But remaining at the top has been a tougher proposition given the nature of evolving competition. But under the guidance of Director Rev. Fr. Jose Alex, Rajagiri is maintaining its leadership by a continuous stream of initiatives and innovations. SEASONAL MAGAZINE Fr. Jose Alex said to Seasonal engineer, Linux kernel debugging Magazine that along with sound etc to non-technical events like best knowledge in theory, they give extra manager quiz and gaming is well training to students to build their laid out. professional as well as commu For updating the faculty, regular nicative skills. With help from the workshops are held, the latest official accreditation agencies and example being the Compiler feedback from the recruiting Construction Workshop handled by National Institute of Technology, All in all, RSET is Kozhikode. For honing the skills of their students working to match the further, RSET is having short-term special year it is now continuing education courses in in, its decennial or high-technology specializations like Robotics, VLSI Design, Micro tenth anniversary. controller, PCB Design etc. Director Rev. Fr. Jose Alex taken in 98, apart from several others companies, they are streamlining A Process Control Training like Wipro BPO & Mphasis. their courses to meet industry needs. Programme is now being offered as a great opportunity for the job IGNOU has tied up with Rajagiri to Rajagiri is now organizing an inter seeking graduate engineers to get offer two specialized MTech college technical fest on starting placed in leading process control programs in Embedded System from September 16th, to 18th. Titled industries. The concise, but intensive Design and Information System Abhiyanthriki , it would be an ideal training programme is being Security, the admission to which is platform for engineering students organized by the concerned for working engineers and from all over the country to interact departments at Rajagiri. engineering faculty. These courses as well as put their skills to test. promise to be ultra-modern with Consistent with Rajagiri’s idea of No wonder then that the campus syllabus updated each year by holistic excellence an exciting array placement performance – that first researchers at IITs & IISc. of events have been lined up each catapulted it to a celebrity college covering diverse domains. From status – continues to be outstanding All in all, RSET is working to match technical events like robo-maze, at Rajagiri. While Infosys has taken the special year it is now in, its selecting best hardware and software in 139 Rajagiri students, TCS has decennial or tenth anniversary. SEASONAL MAGAZINE SOBHA TO RAISE A JURONG AT KOCHI, BUT FROM A LAKE

Singapore raised Jurong Island from sea in 2000. But 60 years before this, Kochi had raised Willingdon Island. But the same Kochi is raising a hue and cry over NRI billionaire from Kerala, PNC Menon’s plan to raise the 400 acres Sobha Hi-Tech City from Vembanad Lake. But now Menon is back, backed by a determined state government smarting from Smart City debacle, to clear the air with environmentalists by offering to satisfy all their scientifically backed demands, and get the Rs. 5000 crore ten-year project on track.

India’s fourth largest listed real scientifically backed. The crux of species and 27 water organisms, estate company, Sobha Developers, the objection is the mangroves ex- and has been a declared Ramsar Site is back with its proposal to develop isting in the proposed Valanthakad under the inter-governmental a mega city of 400 acres in a Kochi region, which is an island in the Ramsar Convention that protects island – but with a difference, this sprawling Vembanad Lake. The wetlands of international impor- time. With a potential for creating Valanthakad mangroves are rich in tance. The project’s critics, led by 75,000 jobs and at an investment biodiversity, being home to 77 plant Kerala State Biodiversity Board of Rs. 5000 crore – incidentally Kerala’s biggest so far – it would have had a smooth sailing in any other Indian state. But in Kerala the proposal met with stiff resistance on environmental grounds. Now, buoyed with a government nod, Sobha Developers is back, and none other than industry veteran, NRI, and Group Founding Chair- man PNC Menon is spearheading the new initiative. Instead of get- ting the project done somehow, Menon, who understands the Kerala psyche intimately, has em- barked upon an open initiative ex- plaining the environment-friendly aspects of the Hi-Tech City project. Going even one step ahead, PNC Menon is welcoming honest objec- tions to the project with the only PNC Menon, condition being that they should be Founding Chairman, Sobha Developers SEASONAL MAGAZINE (KSBB) and the noted NGO Kareem, two ‘pragmatic’ voices in Paristhithi Samrakshana Koottayma the not-so-investor-friendly but too- Sobha Classic (Environmental Protection Group), much-common-man-friendly ad- Project Name : Sobha Classic also point to the fact that out of the ministration of Marxist stalwart VS Type of apartment : Super Luxury 400 acres required for the project, Achuthanandan. Legal roundabouts Location : Off Sarjapur Road only 250 acres are available now, in land acquisition like employing Land Area / No. of Units : 6.9 acres – and the rest has to be reclaimed multiple companies to get around Classic 243 Units; Signature 32 Units from Vembanad Lake. But Sobha the Land Reform Act is another No. of Blocks / Floors : 3 Blocks sore issue in the state, unlike many Chairman PNC Menon has coun- (B+G+13) tered all such allegations by stress- other investor-friendly states like Type of flats : 162 exclusively designed ing a vital fact – out of the 400 acre Maharashtra, Gujarat, Tamilnadu, 3 BR Apartments, 81 Exclusively project site, only 5% has mangrove or Karnataka . Sobha is known to coverage. This is an argument that have acquired the Valanthakad land designed 3 BR Apartments with servant has found great support from State through 18 entities. Anyway, Room. 1752 – 1754 sq. ft.; 2060 - 2070 Finance Minister Thomas Issac and Menon is now also assuring that the sq.ft. State Industries Minister Elamaram Hi-Tech City project will be totally Sanctioning Authority : BBMP Launch Date : 03/09/2010 Completion Date : Dec-2013 Banks approved : Approved by all Sobha Now Stronger in leading banks Home Turf, Starts Pan India Play

NRI Billionaire PNC Menon led Sobha is in quite a momentum, end of this fiscal. Despite Sobha Developers is showing having launched their 17th margins getting trimmed, Sobha all signs of a breakout project on Sarjapur Road, an enjoys 30+% margins for most performance from the rest of the area that was pioneered by of their projects. The Group now realty pack, after coming out of Sobha almost a decade back. stands poised to expand pan- the downturn. The Bangalore The rationale for Sobha Classic India, even though selectively headquartered and South based is sound, as their last project on and prudently, as it has solid land major is now upping the ante on Sarjapur Road was launched just banks in 10 cities. Sobha’s competition by various strategic 9 months back, but already a full performance in capital markets moves designed to enhance its sell-out. The financial health of is industry leading with it stature in the industry. Sobha, Sobha is also impressive as the displaying the best year-to-date which resorted to equity debt which has come down to price-performance, ahead of all dilution, de-leveraging, and Rs. 1400 crore is all set to be players, including bigger pan- cost-efficient construction as lowered to Rs. 1000 crore by the India players. core strategies to come out of the downturn, seems to have proven a point for the entire Sobha Classic industry. While one of their largest planned projects - Sobha Hi-tech City - waits for the last regulatory hurdles in Menon’s home state of Kerala, the Group recently surprised the entire industry with their New Delhi foray, which is a 153 acre township of villas in Gurgaon, costing Rs. 500 crore. In their stronghold of Bangalore too, SEASONAL MAGAZINE environment-friendly with a pro- posal to protect sensitive man- groves, and even to grow further coverage. Menon’s vision for the city is that of a mini Singapore, not just in development, but in the way the tiny city-state continues to be top-ranked in environmental qual- ity, despite numerous land reclama- tions that created wonders like Jurong Island. Kochi is also no stranger to land reclamation – though from the sea – that created its Willingdon Island and a wider providing minority stakes in the Marine Drive. If Menon succeeds project SPV or the parent Sobha in winning the confidence of envi- Sobha Lifestyle Developers to affected families. This is very much possible as ronmentalists, the next challenge Location : Sobha City Sobha has less than 6% shares with will be the 50 odd families that have Thrissur retail shareholders, with the rest refused to sell and vacate even at Type : Super Luxury 94% split between promoters high prices. But Menon, already Villas ( 4 BR) (60.59%), FIIs (23.19%), and DIIs noted for more-than-average CSR Total No. of Villas : 40 (10.34). Despite a year of fast de- initiatives is now extending a Super-Built up Area of leveraging of its balance sheet by scheme of free homes for 600 poor Individual Units : massive selling of its unused land families, that can include the Type A/B - 4227.87 sft banks across the country, Sobha has Valanthakad natives too. But seem- Type C/D - 4774.76 sft kept Valanthakad close to its heart, ingly unbelievable estimates like an Type E - 3363.76 sft annual livelihood loss of around Rs. which may be a reflection of Chair- Type F - 3038.28 sft 77 crore to the natives has been man Menon’s passion to create raised by KSBB. Maybe the way Sobha’s magnum opus in his home around such objections would be state itself. Is Kerala listening?

Sobha Topaz Location : Sobha City Thrissur, Kerala Type : Super Luxury Apartments Total No. of Units/Apartments : 216 Super-Built Up Area of Individual Units : Type A - 3068.73 sft.Type B/C - 2186.51 sft.Type D/E - 1676.37 sft. SEASONAL MAGAZINE Jacko's kids (finally) go to school MICHAEL JACKSON'S kids aged 13 and 12 have gone to school - for the first time. Son Prince Michael and younger sister Paris were sent by their gran after she moaned: "They have no friends." The pair - kept hidden from the public while Jacko was alive - have been enrolled at a prestigious private day school that boasts PARIS HILTON and Friends actor MATTHEW PERRY as former pupils. Jacko's youngest lad Blanket, eight, soon be attending classes. have adjusted very well to the loss is continuing to be taught at home The late singer's mother Katherine, of their father and are definitely while his siblings attend The 80 - who is caring for all three - ready for this step. Prince wants to Buckley School in California's San wants them to have a normal life. be a movie director and Paris wants Fernando Valley. A family source said yesterday: to be an actress." But friends predicted he too will "They are such bright kids. They

Using fossils to study evolutionary Darwin May Have Been Wrong, patterns over hundreds of millions of years of history, Sahney and team New Study Argues found that biodiversity, at least among the land animals that they Steve Newton, Programs and Policy evolution. decided to focus on, matched the Director for the National Center for While Darwin argued that availability of living space through Science Education, has written an competition was the key force time. Living space refers to the analysis of the study, titled "Darwin driving evolution, a research team particular requirements of individual Was Not Wrong--New Study Being from the University of Bristol argues organisms to thrive and reproduce. Distorted." that "living space" is in fact the It can include several components A new study published in Biology primary driver. Michael Benton, a co- but primarily describes the Letters calls into question elements author of the study, said his team availability of food and favorable of Charles Darwin's theory of concluded that "competition did not habitat. play a big role in the overall pattern "Throughout geological time, patterns of evolution." of global diversity of tetrapod families "The new study proposes that really show 97 per cent correlation with big evolutionary changes happen ecological modes," Sahney writes in when animals move into empty areas the Biology Letters article co-authored of living space, not occupied by other by Michael Benton and Paul Ferry. animals," BBC News explains. "For Not all have accepted the team's example, when birds evolved the conclusions. According to BBC News, ability to fly, that opened up a vast Yale University evolutionary biologist range of new possibilities not Stephen Stearns said the interpretation available to other animals. Suddenly was "problematic." "What is the the skies were quite literally the limit, impetus to occupy new portions of triggering a new evolutionary burst." ecological space if not to avoid Slate describes how PhD student competition with the species in the Sarda Sahney conducted her space already occupied?" Stearns research: asked. SEASONAL MAGAZINE Musli Power X-Tra Eyes Overseas Markets, Ten Fold Growth After bagging key Indian patent for Musli Power X-Tra, Kunnath Pharma is focussing on mega sports promotion initiatives at an investment of Rs. 100 crore plus, to power ten-fold growth this of the 60 selected boys will be year and strengthening overseas sales. taken care of and their only agenda will be to play football. We will Patent No. 241602 is for an reward them handsomely as they ayurvedic performance enhancing progress and they will be paid an drug. Issued by Government of unbelievable amount of money for India’s Patent Office to KC just playing football. My aim is that Abraham, will it be enough to take my boys will win the World Cup in his company to the next level, we 2018 and it is for that I am spending asked him directly. Rs. 100 crore.” “This is the first in a string of To give the initiative a jumpstart, patents we would be aiming for Abraham is taking over Viva Kerala Musli Power X-Tra in different soccer club. Earlier, Kunnath had countries. This is an important step sponsored Goa’s Churchill for us, as we don’t want unhealthy Brothers. competitors for this product which Abraham is not restricting his is an invention of mine,” says this sports promotion to just soccer, and patentee. is sponsoring Sri Lanka’s Patents are, of course, for Wayamba Elevens for the inventions, and the current patent Champions League T20 to Abraham is for inventing this Tournament in South Africa. And ‘herbal formulation used as a health Rosakutty). the diligent entrepreneur he is, restorative and to treat sexual Explaining the business logic Abraham will personally visit dysfunction.’ The patent legally behind, Abraham says, “Musli Johannesburg to oversee how the protects Musli Power X-Tra’s Power X-Tra is a performance initiative pans out. Sri Lanka is an maker Kunnath Pharmaceuticals enhancing drug. We started off with emerging market of importance for from anybody copying the smaller sports sponsorships and Musli Power X-Tra. formulation for 20 years. endorsements, and are now Musli Power X-Tra is also a Kunnath Pharmaceuticals which entering the big league.” sponsor of the upcoming already does brisk business is, Commonwealth Games in New however, aiming for a ten-fold jump He surprised the nation’s football Delhi. “Both events would be to Rs. 400 to Rs. 500 crore, this scene recently when he announced fruitful for us, reflecting our year. an investment of Rs. 100 crore to emerging focus on international Powering this growth is Abraham’s start a national football academy. markets, concludes Abraham, penchant for sports promotion, This shot went a lot longer than the standing up from a long chat in his having come from a family that conventional volleys corporates do corporate office in Kochi, and off contributed an Olympian to the by way of sponsoring teams and to start his next meeting with nation. (KC Abraham is the brother stars. another sporting event organizers of India’s former Olympian Says Abraham, “All the expenses who have come for discussions. SEASONAL MAGAZINE GADGETS Verizon to Launch iPad Live TV App Verizon Communications plans to launch a software application for mobile devices that will enable the FiOS TV customers to watch live television shows and movies on Apple Inc.'s (AAPL) iPad. FiOS TV customers can watch one program through Verizon's set-top box on a traditional TV and another program on the iPad with an in-home Wi-Fi connection. Verizon expects the launch of iPad Live TV App in 2011. This new launch will minimize competition from cable rivals such as Comcast Corp. and Time Warner Cable. Verizon is in negotiation with content providers like Time Warner Inc. and Walt Disney Co. for the extension of live TV viewing to tablet computers and home appliances. Dell launches $ 100 Aero smartphone

Dell Inc on Tuesday released its first US smartphone, en- tering the increasingly crowded market with a 3.5-inch An- droid device called the Aero that costs about $ 100 on AT&T's network. The long-anticipated move by the computer manufacturer puts Dell in competition with Apple Inc, the market leader in smartphones, and with a clutch of other phones that use Google Inc's Android operating system. Round Rock, Texas-based Dell said its new smartphone will sell for $ 99.99 with a 2-year contract from AT&T, or $ 299.99 without the contract. Dell said the Aero will be one of the lightest Android smartphones in the United States, and will support Adobe Sys- tems Inc's Flash software. That sets Dell apart from Apple, which has declined to use Flash on its mobile devices. The personal computer maker entered the smartphone market in late 2009 with the release of its Mini 3 in China. The com- pany also released a 5-inch tablet called the Streak this month, which also runs on Android and and uses the AT&T network for phone calls. That will compete with Apple's iPad. The worldwide smartphone market is expected to grow 36 per- cent to 247 million units in 2010 from 182 million in 2009 according to IT research outfit iSuppli. SEASONAL MAGAZINE MAHINDRA LIFESPACE DEVELOPERS LTD Industrial Acumen in

Realty Anand Mahindra, VC & MD, Mahindra & Mahindra

he debate whether Indian realty will be dominated by realty-only companies like DLF or Unitech, or by diversified conglomerates like Tatas, Mahindras, or the Godrejs would continue. The first round definitely belonged to the pure play realtors, thanks to their larger-than-life IPOs during the last real estate boom, that even while hurting retail investors, ended up elevating their promoters to world’s billionaire lists. At the same time, the realty forays of large industrial houses like the Tatas and the Godrejs haven’t been up to the mark. But all these while, a rather small realty firm from the top-ten business house of the Mahindras had been gaining significant ground. To start with, Mahindra Lifespace Developers was not a very inspiring player in the industry. But it got its opportunity in 2000-01 when noted real estate player Gesco Corporation, belonging to GE Shipping Group, turned to its help to ward off a hostile takeover bid by the Dalmias. Thus was born Mahindra Gesco, the forerunner of today’s Mahindra Lifespace Developers Ltd (MLDL). Great Eastern’s Sheths eventually sold off SEASONAL MAGAZINE Arun Nanda, Chairman, Mahindra Lifespace Anita Arjundas, Managing Director & CEO, Mahindra Lifespace their entire stake to M&M who proved their fastest growing real estate developer. Coupled with a commitment to the business by assigning none other penchant for more transparent systems – for which it than Anand Mahindra as Chairman and M&M Executive won a CRISIL award – and Arun Nanda’s contrarian Director Arun Nanda as Vice Chairman. Ever since vision of thinking also from the customers’ shoes is 2003, the firm has not dipped in sales or profits, except sure to take this Mahindra group company to greater for a brief dip in net during the last recession, but even heights. Market is already recognizing this potential then putting up an impressive sales growth. FY 2010 and has effected a year-to-date price-performance of has been especially good with sales nearly doubling over 62%, a time frame in which both DLF & Unitech over the previous year and gross profit more than slipped by around 15%. doubling. Confident that MLDL is now a credible growth story, Anand Mahindra has entrusted Chairmanship to Nanda and the safe hands of MD & CEO Anita Arjundas. But for Mahindra Lifespace it is still a long way to go before they can mount a threat to leading players like DLF or Unitech. However, they believe in playing the game smarter and neater. Apart from standalone projects, MLDL’s portfolio of Mahindra World Cities (MWC) – two of which are already operational in Chennai & Jaipur – is a definite edge over competition, as this is a model that can be replicated in many Indian states. No wonder MLDL is now recognized as the SEASONAL MAGAZINE Will Puravankara Gather Steam Now or Lose Further?

Ravi Puravankara SEASONAL MAGAZINE at least2to3quartersofsustainedturnaround. additional buyingsupportismorelikelytohappenonly last twoyears-highofRs.535andlow25.60 due toexhibitingextremepricevolatilitywithinthe something itcouldn’tmanageeveninFY’08.However, dilution andhasturnedcash-flowpositive,whichis Group hasmanagedthedownturnwithoutequity subsidiary, ProvidentHousing.Butontheupside, due tothebusinessfromtheiraffordablehousing in FY’08,partlyduetolowerrealisationsand has alsomorethanhalvedto15%in2010from38% and profitlevelsofFY’08.Theoperatingmargin the factthatdeveloperisyettoreachincome market wakinguptoPurva’ssequentialdipinQ1,and only SensexandtheRealtyIndexslipping,but again slippedsomewhat.Thereasonfortheslipisnot The PurvascripwhichshotuppostQ1numbershas Unitech toHDILOmaxe to industry. fromDLFto Everyone Puravankara, but for theentire of consolidationnotonly for aftermath. Then camethemonths by theLehmancrisisand its down dragged stop untilRs.25.60, the stock aslidethat started didn’t may be.FromthehighsofRs.535 marketscapital –abittoomuch, in 35%. The samewasreflected 09, netprofit declinedbymorethan slipped bymorethan20%in2008- Puravankara dried up. sales While luxury offerings like theonesfrom caught off-guard. Demandfor Purva &Cochin, Coimbatore, was southern hubslike Chennai, its home-baseofBangalore toother thenexpandingSouth India, from One oftheleadingdevelopers of listed in2007wasnoexception. Puravankara got Projectswhich anyone. Bangalore headquartered 2008, itdidn’t spare bubble blew upin hen therealestate launch toready-to-occupy dates home saleswere moving from adjust tothefact that to gradually affordable andthesecond housing, anewneed tocreate brandfor two emerging trends –onebeingthe difficulty inthemarket, andbeton vision, theGroup acknowledged the away Under ChairmanRavi’s from. the developers would have shied strategya turnaround mostof that son Ashish Puravankara, hescripted Ramu, nottomentionUSeducated like NaniRChoksey and Ravi and Directors inPuravankara Board help fromlong-termconfidantes gone throughandsurvived. With like any oftheprevious oneshehad knew thatthisroundofbust was not 19, thenow 56-year olddeveloper straight from college, at of theage started inMumbairealestate contrarian play. As someonewho Puravankara decidedtodoa billionaire promoterRavi future course. The Group’s Puravankara their charting were which isthe7 room toappreciateastheGroup DLF’s thereislong -8.71%.Still, HDIL’s leader andindustry 6.49%, likeagainst peers Omaxe’s 3.70%, price performanceof26.37% which haswitnessedayear-to-date warming upagain tothestock, year.the current Investors are also and 6millionsqftforProvident for of 12millionsqftfor Puravankara hasatargetthe start astheGroup one.not anaspirational This isjust created asaneed-basedproductand lows of2008-09,Skywood is around it.Learningfromthemarket has succeededincreatingabuzz Purva Skywood that inBangalore up withanimpressive project, holidays new for andcome projects has recently broken itsself-imposed in gross profit for FY10. The Group of over 13%insalesandover 22% staged agrowth theGroup brand, project launchesunderthePurva Operating Officer. Despitenonew Nazareth asPuravankara’s Chief Developers, Jackbastian K Executive DirectorofSobha operation byinductingformer professionalizing theentire took adecisive stepinfurther 2010,In February Chairman Ravi downturn affect completion. project as adeveloper who didn’t letthe firm regain thetrustofitscustomers to-occupy apartments, ithelpedthe thanitdrovemore salesofready- already launchedprojects,and their whole energy onexecuting second strategy helpedthemfocus helped themturnaround. The supply ismoreorlessdepletedhas to launchany new untilthe projects in thisdirection,theirdecisionnot handful ofsuccessfulexperiments Provident Housingisoneofa Puravankara’s affordable brand paid off quitehandsomely. While dates. Today, bothstrategies have a highpromoterholdingof89.96%. to Rs.800crore andthefirm enjoys market cap. The debtisnow down both salesandprofits, isonly 12 th largest inIndiaby th in

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