www.privyleague.com october-december 09 issue 3
A Magazine from
In a winter worldTravel, Bikes, People, Art, Design, Health
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DDeeaarr PPrriivvyy LLeeaagguuee mmeemmbbeerr,,
Greetings for the festival season! The mood this festive sea-
son has been markedly more upbeat than it was last year. With
the debate on the shape of the recovery — “V”, “U”, “L” and so
on — almost closed as far as India is concerned, the markets
have rebounded and the central bank and government are
already talking about exiting the easy policy prescriptions. In my
mind, though, the challenge is far from over. With inflation
rearing its head again, credit growth is still not up to desired lev-
els, and with large foreign inflows likely, the dilemma on how
fast or slow the exit should be is a critical one. The policy
responses on this front will determine whether we make a
smooth and timely exit or not. One thing is clear — nobody
anticipated the pace at which things turned sour last year, and
nobody also anticipated the speed with which it has turned
around now. October to October, if somebody had slept
through, on the surface he may find that nothing
in the world has changed, with markets
around the same levels, interest
rates and inflation looking bet-
ter, real estate markets back in
the reckoning, and so on and
so forth. Yet, we all know
that the world is a different
place today.
The last one year has seen
significant regulatory inter-
ventions having a wide-rang-
ing impact on the distribution of
investment and insurance prod-
ucts. We believe that these will
seriously change the
way distributors, including banks, conduct their business. The
structure of the industry will undergo a dramatic change over
the coming years and players who are able to stick to the basic
philosophy of customer centricity coupled with quality of advice
and ability to source and manufacture the right products will
stand to gain tremendously from these discontinuities. Advisors
will need to demonstrate value addition to support the fees
earned by them. “Think Investments, Think Kotak” remains our
key ambition and we endeavour to deliver the right kind of
advice at an optimum price to our customers and also ensure
that we provide them a platform which enhances convenience.
Many of you must have seen our new advertisement campaign
— Let’s make money simple. We endeavour to demystify money
management for our customers — whether it is regarding
investment, protection, or in simple things like paying bills or
any other routine banking transaction.
For Privy League members, we have changed the Average
Quarterly Balance (AQB) requirement to INR 50,000. We are
also initiating a guest column in Privy League SELECT for which
we invite you to write on various topics ranging from travel to
automobiles to fine-dining to interiors and more (details on this
in the Membership section of this issue).
In this issue, we bring you articles on structured products
and private equity products in line with our endeavour to reach
out to all of you, products which were till recently offered in
India to very high-end customers only. Apart from these, this
issue covers art, lifestyle, travel, people, hobbies, careers, gifts
and health — a really wide ranging set of subjects which, I hope,
will interest you and your family. I will be keen to receive your
inputs on subjects you would like us to cover in this magazine.
Please ask your Relationship Manager for the Preferences form
— a very simple form through which each of you can tell us your
areas of interest, likes, hobbies and so on. This will help us know
you better and keep not only this magazine’s content relevant
but also help us to reach out with appropriate and relevant
lifestyle benefits. Of course, you can always choose to write to
me on [email protected].
KK VV SS MMaanniiaann
Group Head (Retail Liabilities & Branch Banking)
Kotak Mahindra Bank
This magazine is intended solely for the addressee(s). Duplicating all or any part of this magazine in-
cluding photocopying, facsimile transmission, mailing or physical transmission is prohibited. This mag-
azine and its articles are for information purposes only and do not constitute an offer to sell or solicitation
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strategy. Information provided shall not be construed as investment advice to any party.
The content of this magazine does not seek to influence the opinions/behaviours of the
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circulation only.
E D I T O R I A L
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C O N T E N T S
3 P E O P L E
AD Sings
Four Olive restaurants in three cities, theJapanese Ai, and now Lap:A D Singh is on a roll
6 T R A V E L
London Dreams
For an Indian making a home in London, the cityis contradictory, comforting, confusing,multicultural, cosmopolitan and punkish — allat the same time
11 I N T E R V I E W
Cue in for the India story
Nilesh Shah on the Indian market
14 W H E E L S
God of all Bikes
With Harley-Davidsons now available in India,we find out just what makes the bikes sospecial
16 A R T
Space and form
Around the world, and now in India,installations are hot — but what are they?
19 B A Z A A R
Luxe times
Classy touch to luxury brands
20 E T I Q U E T T E
What’s the chukker?
No commonplace gaffes at polo please
22 I N V E S T M E N T
The ends and their means
Structured products attract small allocationsbut occupy an important niche when it comesto managing wealth
24 H E A L I N G
Needles and pins Acupuncture treats a patient holistically ratherthan piecemeal, as is the case in allopathicmedicine
26 D E S I G N
Home of memories
Interpreting a feudal estate as a contemporaryhouse is less difficult than you might imagine
30 E Q U I T Y
Understanding private
equity
The domain of private equity offersdiversification opportunities to investors
32 N E W S
What’s new in Privy
League
To add to your festive cheer, look out for theexciting offers and lifestyle privileges that PrivyLeague has put together for you
34 C O O K I N G
Cooks too many
We get celebs to cooktheir favourite dishes for you
Editor: Kishore Singh
Email: [email protected]
Business
For any business enquiries, please contact Mradul Mishra
at 022-24978456 or e-mail at [email protected]
Business Standard Ltd.
© All rights reserved
Published and printed by Nandan Singh Rawat for and
on behalf of Business Standard Limited from
Nehru House, 4, Bahadur Shah Zafar Marg,
New Delhi-110 002 and printed at International
Print-O-Pac Limited,C-4 to C-11 Hosiery Complex,
Phase II Extension Noida-201 305
319
Cover photo: London by Bhumi Ahluwalia
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3
Before we've even sat down, at his favourite
table in the corner, A D Singh has his hands
on the book I’m carrying. It’s not his type,
so he flips through quickly. I show him my
favourite part: a fly, immaculately squashed
between two pages. AD laughs, a long, slow stutter of a
laugh. “Got caught reading, eh?”
Sure did. And so did he. “As kids, my twin brother and
I used to walk around at birthday parties like this...” He
holds the book up to his face. “It’s fascinating. Your
world keeps changing, and half the time we’d rather live
in that world than our own reality.” The consequence?
“We would read in cars, all the time, so we both got glass-
es really early."
We’re sitting at the Olive in Mehrauli. Our table looks
onto a leaf-dappled courtyard and it’s a pleasantly warm
day. AD orders for us both — a panzanella, which is a sum-
mery Italian salad, to be followed by gnocchi, a pasta dish.
“Every night,” he continues, “especially when my
wife’s not there and I get home to an empty house, I read
myself to sleep. Obviously, with Lap [his new members-on-
ly lounge in Delhi] opening, all that’s changed. Yesterday
I looked at my watch at one point and it was 4:50. I said,
AD SINGSFour Olive restaurants in three cities, the
Japanese Ai, and now Lap: A D Singh reveals a
little of himself in each venture, as he turns the
spotlight on the big-little things in his life
R R I S H I R A O T E
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entrepreneur. “My first thought
was... something to do with parties,
and then I had a sweet tooth, and
third, I lived in this place [Bandra in
Mumbai] where I realised there was
this market niche — to get these
great desserts by the slice. So when I
opened Just Desserts, it was a first. It
was a space of our times, a cool cafe
where there were no cafes.”
Not only did AD insist on “a qual-
ity of F&B that you did not have
outside a five-star”, he understood
“positioning and statement”. “That’s
why I brought in the concept of live
jazz. I wasn’t a big jazz lover — it
was a positioning. We hadn’t had
live music for 20-30 years. So it
worked at many levels.” With con-
stant exposure, jazz grew to be “a
big part” of AD’s life.
Likewise food. “I’m not really a
gourmet,” AD says. “I didn’t know
food but in the old days I started
writing a weekly column for
Metropolis on Sunday on new food,
restaurants. That's where I really
started learning the business. When
you’re press, chefs make time for
you. I spent hours with some of the
best chefs that we have. I still don’t
have the tongue of a gourmet, but
what I’m very good with is vision.
I’m basically a dreamer.”
(Which explains why this avid
reader wanders around with short
story outlines forming in his head. He
tells me one set in Goa. It certainly
has potential. “Writing is damn hard
work,” he says. “I’ve never really
got down to it, and I don’t think I
ever will.”)
Here comes the panzanella, tart
and sunny. “Bon appetit,” says AD,
fork already in motion. His eating is
like his speaking: fluent yet deliber-
ate. Five minutes on: “This is a varia-
tion [of panzanella] I like.” And later,
about the gnocchi, with long pauses
for judgement: “The gnocchi is per-
fect. The sauce might need a touch
of salt. It’s good. Very good.
Outstanding.”
He’s imperious with the waiters,
without being condescending. “Boys.
Boys,” he calls, gesturing for a nap-
kin. And he doesn’t like interrup-
tion. Yet he responds, as to an equal,
to callow questions from a diner at
the next table about why there isn’t
yet an Olive in Kolkata.
He also likes eating with his hands.
This occasions a story: “I was looking
for investors. Some fund approached
me, investment guys. So I had a
meeting. It went on for an hour. I
was tired and I had things on my
mind, but it went quite well.” The
funds came through. Later AD was
told why: at the mid-meeting buf-
fet he ate with his hands. The in-
vestors’ doubts about this page-three
personality — “how serious, how
grounded are you” — vanished.
Similarly, AD says, he won the
space for his first Olive in Bandra be-
cause, unlike the other prospective
tenants, AD had dreadlocks. The
landlord later said he thought “This
guy obviously has a different head-
space — he’s not the kind who’ll try
to steal my property.”
“It's funny how these little things
convince them right away,” AD says.
The little things count more than
ever now, as AD hones quality to
meet the challenge of an influx of
world-class chefs to India starting
next year. It’s clear enough from his
restaurants and his manner that he’s
able to inspire a simultaneously wel-
coming and exacting spirit. That’s a
strength, and a sign of class. �
D I N N I N G
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‘Guys, I’m out of here.’ Lap was still
going on — I left.”
Recent favourite books include
Alexander McCall Smith’s Mma
Ramotswe series and Ashok Banker’s
science-fictionish retellings of the
Ramayana. “I was just riveted,” AD
says. “I thought it was a great way
to take our mythology to a whole
new audience.”
He’s a past master at bringing
new products to new audiences. He
was at the vanguard of the stand-
alone boom in fine dining in India,
starting with a coffee-and-desserts
cafe and moving up the ladder to his
current chain of restaurants in three
cities — each one more or less dif-
ferent in menu and ambience.
"When I reached the stage in my
life that I didn’t know where I was
going,” says AD, now in his late 40s,
“I left the corporate sector and joined
an NGO. I enjoyed it very much and
felt a great sense of ‘this is who I
am’, but at that time they were pay-
ing me Rs 400-600, and I was turning
28. I was good with men, material,
resources, integrity, leadership. But
not only was the budget not there,
there was the attitude that you have
to give up everything. That’s
not really what an NGO should be.
An NGO should be professionally
run, to professional standards, ob-
viously with the highest integrity
and deliverables.”
Things did change in NGOs, but
AD had moved on — to become an
I don’t have thetongue of a gourmetbut I’m good withvision. I’m basicallya dreamer
Behind the sophisticated ambience of his
restaurants is a person who is grounded,
rooted, able to strike a chord with others
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LONDONDREAMS
Heathrow did not make me fall in love with this
city. Waiting surreally in an infinite queue
for an old, annoyed British woman was not
the welcome I had hoped for. It wasn’t fun
waiting for a taxi that should have shown up many hours
ago. But London and its mystery showed up in little
scratches and wisps — a sophisticated air of dress and
manner in the man crossing me in his suit, the whispers of
happy love where “Love Actually” really replayed in kisses
stolen and hands held at the airport.
Feeling dowdy, lost but more curious than I have ever
felt in my life, I saw Edwardian pubs and structural marvels
through my taxi window. Did I know then that this city
would become home?
About twelve months ago while I was still at University,
I saw that the theatre where I went for class every day was
used by the naval officers while practicing their gang
shows in the forties. History oozes out of pub posters
and supermarkets, shower knobs and benches. I may not
know the history of objects (though I would love to), but
I couldn't help but be awed by this rich cultural tapestry:
Camden with its tattoos and punkishness, Leicester Square
with its “high” opera-ish and simultaneously Bollywoodian
theatricality, Southall and its humble bhangraness, Eastham
and its Chennai dosa, and Spitalfields — where money, food,
art and wine danced in an orchestrated symphony of
market mania. And then there was Waterloo and the
London Bridge — where the Big Ben gleamed, and the
neon blue London eye watched, and the Thames played
host to tourists and contemplation.
Even now, after having been in this city two years,
the quirky spirit of London always catches me off-guard. For
me, it really is “the city of contradictions”, interesting in its
many paradoxes.
Take, for instance, expansive internationalism and the
little pockets of ethnicity that jostle with each other — each
claiming to resonate what the city is about. You brush shoul-
ders with a Japanese, hear Malayalam on the tram, see East
Europeans do their fashion on the tube, and cosmopoli-
tanism seems like it was put in the dictionary to explain this
A S H M I A H L U W A L I A
TTRRAAVVEELL
DDrruurryy LLaannee
Drury Lane
Hustles and bustles
The black-tied iPod man
Smokes his cigarette
Amid chaotic Chinese fruit and
Indian takeaway.
A Halloween mask gleams in
morning
Rain-sun.
Bespectacled faces
Try to clutch time
In their Cartier watches
And difficult heels
Click in this
Home of beautiful chaos
And soundlessness.
Love and alcohol
Talk to each other
In pale night
In moonlit shadows.
A woman tries
On Queen Anne’s
Edwardian marriage gown
Hoping her husband will love it
He loves his daily pint
Amid the glassless White Hart.
The sun rises on an old man
And he reads, looking onto
Busy kids running late to
anthropology class
His window makes him
Photographic, eternal
A wrinkled face among
Pink and purple azaleas.
The alcoholic sees the free
brunch takeaway
Where bread smells of heaven
and coffee.
I stand,
On the crossroads of new life
and old,
Between Holborn and Aldwych,
Strangeness and familiarity
In the middle of a street
Called life.
(October 2007, entering
London, two years ago)
For an Indian making a home in London,
the city can be contradictory, comforting,
confusing, multicultural, cosmopolitan and
punkish — all at the same time
PH
OT
OS
:
BH
UM
I
AH
LU
WA
LIA
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the street, hit by a woman bus driver.
Christmas lights were gleaming, and a
long, panoramic toy display store was
beautifully hosting a Christmas puppet
show. She opened her eyes and
smiled at the crowd around her. Near-
death and bliss couldn’t be in such
close proximity, but they were, that
day, on Oxford Street.
And what has the contradictory
city done to me? It has, in Vikram
Seth’s words, given me “two lives”.
There’s the aspirational desire to trav-
el, feel, discover architecture, muse-
ums, theatre and be my best inter-
national self ; and a simultaneous se-
curity in doing my Indian things —
creating chaat out of Walkers Baked
chips and watching Hindi movies in
the Vue cinemas religiously!
Having read about diaspora, about
the travellers and the gypsies who
know not where home lies, it is ironic
that I have started relating to a con-
struct I once called “post-colonial
trash”. It is both weird and very lib-
erating! I remember walking into
Indira Gandhi International Airport
and looking at Delhi with a “new”
set of eyes three months ago. Strange,
because I could not believe a year
away had given me this perspective,
strange because I don’t want to be
one of those Indians who crib about
dirty air and hygiene issues after being
abroad for a period of time; liberating
because I could rationally compare
two systems of living and being.
The strangeness of having two SIM
cards, two addresses, two maps in8
moment. But London,is ironically its
paradox — Southhall is called a mini-
Punjab with good reason, Wembley a
replica of Chennai. Do I think these
stereotypes are exaggerated? Not re-
ally. Multiculturalism wouldn’t exact-
ly be screaming off the top of your
head when you’re walking around
one of these ethnic pockets. However,
does the simultaneous existence of
many, many such areas in the space of
a single city create plethora, diversity,
and excitement? Of course it
does...the tube — the transport medi-
um that connects the city — is a literal
and metaphoric melting pot of
colours, genders, ages and attitudes.
Another paradox that I find really
amusing: propriety and punkishness
are definitely unwilling comrades-in-
arms. Englishness and its etiquette is
very pleasing, the scones and tea on a
delicate china pot are a reality not
just on my bookshelf! At the risk of
making a politically incorrect gener-
alisation — manners, diction, a cer-
tain class of dress have been held up
by parents, schools and society as
markers of a sophisticated (albeit
English) way to be. And yet, no one
told me of the valourisation of freak
culture, be it in Camden or Soho.
Weird hair-dos, colours that Prince
would adore are “cosmetic” devia-
tions from the norm. Then there’s
frenzied madness as a lifestyle, a way
to be, an attitude...captured in the
use of street language, in the gay
pubs where sexuality is worn openly
and freely and gothic drunkenness is
a Friday night ritual.
The streets are everyman’s
nowhere and no man’s everywhere. I
really do think they are dramatic and
film-like, in a sense. The ambulances
and fire alarms that assault you as
you walk are like chase sequences
out of mainstream Hollywood. The
other day I was walking on Oxford
Street and saw a woman lying on
London and its colourful symmetries (and asymmetries) have opened my eyes to
the realities of life. In my rootlessness, I have found another home
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my wallet, and two sets of clothes
sunk in only during my last visit back
home. In my mind, I visualise one
home as temporary, the other as solid
and permanent, one is where I’m in-
dividualistic in more ways than one, in
Delhi, being with people and family
and large floating people masses is
the only way I know how to be.
One return is marked by a sense
of joy and homecoming, the oth-
er with a stringent work-ethic
and responsibility.
Ultimately, my journey in the
city alongside the self-
discovery continues. As I write,
I am reminded of a series of mu-
sic lyrics that remind me of the
city I inhabit — the Beatles figurative
and literal Abbey Road, Sting’s “Fields
of gold”, U2’s “With or without you”
and “Fools rush in'”. I was a 20-year-
old who rushed in too, never to realise
that London would become the city
where I finally came into my own
and discovered who I really was. The
Thames, where the Norwegian singer
crooned and contemplation was the
only way to be, Piccadilly Circus where
Sound of Music and Chicago play mu-
sic to the stars, and now Croydon,
where I currently live, a suburban
area a train ride away to the centre
of town — so different from the
pregnant city.
At this stage in my life, transi-
tioning from child to adult, stu-
dent to professional and protect-
ed to individualistic, for whatever
it’s worth — London and its colour-
ful symmetries (and asymmetries)
have opened my eyes to the real-
ities of life. In my rootlessness, I
have found another home. �10
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The strangeness of having two SIM cards, two addresses, two maps in my wallet,
and two sets of clothes sunk in only during my last visit back home
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I N T E R V I E W
CUE IN FOR THEINDIA STORYNNiilleesshh SShhaahh is the deputy managing
director of ICICI Prudential Asset
Management Company Limited and has
been with the company since June 2004.
A gold medalist chartered accountant,
Shah is also a merit ranked cost
accountant. A participant in GFM-25 at
JP Morgan, New York, Shah has
experience of over 17 years across the
banking and financial services sectors. He
was chosen the Business Standard Fund
Manager of the Year in 2003 for Fixed
Income. He heads the investment
function for all businesses responsible for
fund management, investment
philosophy, key investor relationship
management and liaison with regulatory
authorities governing the industry. He is
also responsible for the product
development and knowledge
management functions. Additionally,
Shah is the key interface with the
external stakeholders and oversees the
corporate communication function. 11
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wards the high growth emerging
markets from the slow growing de-
veloped markets. They have the
ability to provide billions of dollar of
capital which can be augmented
with our increasing saving to convert
into massive investments necessary
to achieve higher level of growth
and lifting large parts of popula-
tion from sub-standard living.
The commitment of the govern-
ment to pursue the reforms process
and contain fiscal deficit, divest-
ments, attracting FDI and FII flows
et cetera: a pro-reform goverment
or a government showing results
will support the market for moving
higher. In addition, the Chinese mar-
ket movement will also be closely
tracked. If the valuation gap be-
tween India and China widens then
it can prompt FII to be long China
and short India and cause a correc-
tion in the Indian market.
WWhhaatt iiss yyoouurr ccuurrrreenntt iinnvveessttmmeenntt
ssttrraatteeggyy??
Considering the recent rally and
that the valuations are at the upper
end of the fair value, our invest-
ment strategy is to follow a pru-
dent mix of top-down and bottom-
up approach. However, most of the
focus would be on bottom-up ideas
and how managements are adapt-
ing to the environment, because
we have to price the future into
current prices. At a broad level, our
strategy is to identify ideas that can
ride the future growth.
WWhhaatt aarree tthhee sseeccttoorrss oonn wwhhiicchh yyoouu
aarree ppoossiittiivvee//nneeggaattiivvee??
We believe that the infrastructure
sector, due to relative under-partic-
ipation in the current rally and given
the continuous demand of infra-
structure for Indian growth, will be
a good sector for long-term invest-
ment. Select stocks in the FMCG
sector based on innovation, investor
interest, et cetera, will also perform
well due to being supported by the
consumption story of India. This
apart, bottom-up stock selection
will be critical in identifying outper-
formers in other sectors.
WWhheenn ddoo yyoouu sseeee iinntteerreesstt rraatteess mmoovv--
iinngg uupp ddoommeessttiiccaallllyy??
Interest rates are expected to go
up, albeit in a gradual manner. The
RBI could hike interest rates at an
appropriate time where growth is
adequately supported and there is
a strong upward bias on inflation.
It is important to remember that in
the Indian context, inflation is a
supply side problem and not a de-
mand side problem. By tightening
liquidity, raising interest rates and
stopping creation of capacity, the
inflation problem is going to be ac-
centuated and not extinguished.
India’s answer to inflation lies in
the Chinese path of creating mas-
sive capacities which can meet the
rising expectation of its population.
Tight liquidity, higher interest rates,
slow creation of capacity is not the
right way to control inflation. This
will, however, require reforms in
the realty sector, on ground action,
cutting through the red-tapism and
myriads of unwarranted approvals.
Fortunately the present set of de-
cision-makers have realised that
rapid growth is the solution for
most of India’s problems. The whole
focus of policy-makers seems to be
on rapid and inclusive growth. They
are providing the right environ-
ment in terms of adequate liquidity,
continuing fiscal stimulus and a
large base of unleveraged and as-
piring consumers.
WWhhaatt aarree tthhee aavveerraaggee ccaasshh lleevveellss
hheelldd iinn yyoouurr ffuunnddss??
At ICICI Prudential AMC we do not
take cash calls and are invested
across our portfolio as per the man-
date of the fund post maintaining
the liquidity requirement.
AAnnyy aaddvviiccee ttoo iinnvveessttoorrss??
The last year has demonstrated
the fallout of trying to time the
market. Very few people would
have caught the market bottom
and exited at the market height;
rather, the trend would have been
its reverse. The need for time in the
market rather than timing the mar-
ket was clearly established in the
last correction and the recent rally.
Our advise to investors is to fol-
low the time-tested mantras of start-
ing early, investing regularly and
following a disciplined asset alloca-
tion strategy. This very common-
sensical strategy, which is uncom-
mon to execute, can definitely cre-
ate a portfolio with high return
potential. �
I N T E R V I E W
12
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I N T E R V I E W
13
O C T O B E R - D E C E M B E R 2 0 0 9
TThhee SSeennsseexx iiss aatt 1177000000 lleevveellss ccuurr--
rreennttllyy.. HHooww mmuucchh ffuurrtthheerr uuppssiiddee ddoo
yyoouu eexxppeecctt iitt ttoo rriissee aanndd ffoorr wwhhaatt
rreeaassoonnss?? HHooww mmuucchh ddoowwnnssiiddee ddoo
yyoouu sseeee ffrroomm tthheessee lleevveellss aanndd ffoorr
wwhhaatt rreeaassoonnss??
The Sensex has
risen from the lows
due to a combina-
tion of fundamen-
tal factors as well
as liquidity flows.
It is certainly not
cheap any more
but at the same
time it is not in the
bubble zone. It is a little above its
near-term fair value. At current levels,
we believe that the upside and
downside risk are fairly balanced.
From here on, the market will track
earnings growth and global indica-
tors for further cues on direction.
However, from the longer term per-
spective, the India growth story has
received most of the ingredients in
the form of increasing clarity of
policy makers, surging domestic
saving, aspiring and growing
consumers, adequate foreign capital
to augment local saving, reason-
ably abundant natural resources
and a world class set of entrepre-
neurs. If real sector reforms in the
form of cutting down of red tapism
and speedy infrastructure develop-
ment can follow, then the Indian
economy, Indian corporates and
Indian equity markets will contin-
ue on the growth trajectory.
DDoo yyoouu tthhiinnkk iinnaaddeeqquuaattee mmoonnssoooonn
wwii ll ll hhaavvee aann iimmppaacctt oonn GGDDPP
ggrroowwtthh eessttiimmaatteess?? IIss tthhaatt aallrreeaaddyy
ffaaccttoorreedd iinn??
While contracting exports and a de-
ficient monsoon could have some
implication, there is a dispropor-
tionate amount of importance given
to the extent of its impact. The
monsoon effect should be viewed in
light of the fact
that the contribu-
tion of agriculture
to GDP has been
reducing over the
past and the coun-
try also has a
strong domestic
demand. Hence
the impact of
monsoons, specif-
ically after witnessing some pick-up
over the last month, is unlikely to
have material adverse impact on
India’s economic growth.
DDoo yyoouu tthhiinnkk tthhee mmiidd--ccaapp ssppaaccee wwiillll
ccoonnttiinnuuee ttoo oouuttppeerrffoorrmm llaarrggee ccaapp
ssppaaccee?? WWhhaatt aarree tthhee rreeaassoonnss ffoorr
tthhee ggaapp iinn vvaalluuaattiioonnss??
The recent rally has seen mid-caps
rally significantly, thereby narrowing
the valuation gap with large caps. In
the current environment, therefore,
large caps and mid-caps both
present good growth potential.
The differentiator now will be from
the investor’s side on the basis of
risk appetite and on the company’s
side based on fundamental solidity.
WWhhaatt aarree tthhee kkeeyy ttrriiggggeerrss yyoouu ffoorree--
sseeee iinn tthhee nneeaarr ffuuttuurree wwhhiicchh wwiillll
ggoovveerrnn tthhee mmaarrkkeettss??
The immediate trigger would be
the upcoming results and the guid-
ance received from the same. Above
expectation results and bullish guid-
ance can support the market for
moving to higher levels. Below
expectation results or muted
guidance can give the trigger for
correction.
The world has lots of money and
fewer opportunities, while India
offers a myriad opportunities but
needs investment to unleash its
power. Investors across the world
are going to get disillusioned with
low return on their investment. Like
migratory birds, they will flock to-
We believe theinfrastructuresector has long-terminvestment valuein the Indiancontext
India offers amyriadopportunitiesbut needsinvestment tounleash itspower
Our advise to investors is to
follow the time-tested
mantras of starting early,
investing regularly and
following a disciplined asset
allocation strategy
“
”
interview(nilesh-shah)-new.qxd 11/24/2009 2:59 PM Page 4
15
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W H E E L S
“P otato, potato.” Is this the sound
that Indian roads have been
missing? No, we are not talk-
ing vegetable vendors here, but
the distinctive throaty growl of a
Harley-Davidson motorcycle’s v-twin engine. Now that the
marquee motorcycle maker has officially landed on Indian
shores, you can soon expect this new, unfamiliar sound to
be part of Indian traffic cacophony.
It has been a long and agonising wait for motorcycle en-
thusiasts in the country as the Harley has been out of reach
to all but the select few who were willing to pay through
their noses to import the bikes. The wait is over with
India and the US reaching a deal — Indian mangoes in the
US for American Harleys in India! And Harley-Davidson, in-
stead of choosing to make a piecemeal presence in India,
has decided to set up a wholly-owned subsidiary in India
and slug it out for the long-term. The India operations
will include a 24x7 “anytime, anywhere” customer sup-
port programmer. This is surely good news for motor-
heads as they will have the entire family of
Harley bikes to choose from.
So, if your dream is to own a Harley-
With Harley-Davidsons now available
in India, we check out the big boys of
biking, to find out what makes the
Fatboy and other bikes so special
A N A N D S A N K A R
THE GODOF ALLBIKES
W H E E L S
Harley’scustomersupportprogrammecomes with a24x7 “anytime,anywhere”guarantee
Davidson, here is what you need to
know before you decide on one:
TOURING
These are probably the bikes which
most people have in mind when
thinking of a Harley. They are the
beefy cruisers which are designed
purely for riding not between cities or
countries but across continents. They
come with large displacement en-
gines and heavy duty suspensions.
The seating is relaxed and comfort-
able and you have luggage space to
carry even your kitchen sink, if you
choose to! These bikes have just one
function — to chew at those miles.
TThhee ppiicckk:: 2010 Ultra Classic
Electra Glide
SSOOFFTTAAIILL
This Harley range comes with an ar-
ray of options for the front suspen-
sion. And the rear suspension is not
visible because it is hidden under the
seat and behind the transmission.
This gives the bikes the look of hard-
tail (bikes without a rear suspension)
but with rear comfort and a low-
rise look. The Fat Boy belongs to
this family and it became the stuff of
legend thanks to Arnold
Schwarzenegger riding the motor-
cycle in Terminator II.
TThhee ppiicckk:: 2010 Fat Boy Lo
SSPPOORRTTSSTTEERR
These are the oldest bikes by Harley
that are still in production, but don’t
you worry as they have been con-
stantly updated over the years and
are as state-of-the-art as any bike.
These bikes have a shorter wheel-
base and have, as the name sug-
gests, more of a sporty look and feel
about them. These are the most af-
fordable Harleys around and one of
the bikes has the smallest engine ca-
pacity for a Harley at 883cc. Also,
Sportsters are considered the least
maintenance intensive and the
cheapest to run.
TThhee ppiicckk:: 2010 XR1200
VVRRSSCC
This line-up marked Harley’s entry
into the new century and they bear
little resemblance to the other Harley
models. The VRSC bikes are a thor-
oughly contemporary look at a
Harley-Davidson motorcycle. The
change is not just design but at the
heart. The engines have been co-
developed with the sports car maker
Porsche and feature overhead cams
and liquid cooling. This is a family
bike that has no parallel anywhere in
the world.
TThhee ppiicckk:: 2010 V-Rod Muscle
DDYYNNAA
The traditional Harley look over the
years remains intact here. The Dyna
motorcycles feature big-twin engines
and traditional styling. They can be
set apart from the Softail by the tra-
ditional coil-over suspension that con-
nects the swingarm to the frame,
and from the Sportster by their larg-
er engines.
TThhee ppiicckk:: 2010 Street Bob
TRIKE
These take further the Tourer con-
cept and have a tricycle chassis. Trikes
are for the super long haul and you
can basically carry your home along.
TThhee ppiicckk:: 2010 Street Glide Trike
CCVVOO
The abbreviation stands for Custom
Vehicle Operations. The company
offers this to any customer who
wants to thoroughly personalise his
bike. This comes with an exclusivity
clause — your bike will never be du-
plicated, other than for you. Of
course, this facility definitely does
not come cheap. �
Harley-Davidson
enthusiasts can now
choose the pick of these
bikes in India
harley.qxd 11/24/2009 2:45 PM Page 2
case,” says Renu Modi, owner of
Delhi’s Gallery Espace, which is well
known for showing installations. “She
used a lot of rubber bands.”
Bhuta’s 2009 show was titled The
hopeless corners and the useless
things… The artist wrote: “The
gallery has two levels, as we went
down they showed me a space
which was facing the stairway…
Suddenly I felt like I
had come under-
ground and that the
roots had penetrated
into the skin of the
level above. As I went
digging into the
ground or the space, I
came across this niche
under the stairway.
Yup, this was the ideal
and most unexposed corner, just
right for dumping, for insect homes,
for the unwanted… now that I can
use the space, I am too excited...
“This reminds me in a way of the
sticky corner at my residence above
the stove — or the sticky uncleaned
walls behind the stove which my
cook is never able to see — or rather
the stove buttons and the crevice
beneath which has layers of sticky
substance over it for long, till I realize
it’s time to clean…
“Rubberbands have been lying
for years in one of my cabinets at
home... They begin to look like these
worms in my underground cell. The
decay of the mundane… ah, I mean
the decay of the unwanted…”
Jitish Kallat is respon-
sible for some of the
most iconic installations
in contemporary Indian
art, and his work has
shown worldwide. “You
use the architecture of
a gallery,” he says, with
careful precision, “as a
space to create mean-
ing through a deploy-
ment of objects and images. You
deploy your ideas into every corner
of a space to create the artwork —
rather than being limited to wall,
floor, pedestal.”
But he returns some of the shap-
ing power to the artwork itself as it
develops: “I don’t have to do the
hard work of thinking of what the
work will do or how much of the
wall it will occupy. Once you strug-
gle to conceive the work and it
comes to life, it has its own logic.
Once the idea is fertile enough to
germinate then the tree will grow.
[The work itself] tells you whether it
will be a small photo or a 3-D space-
hogging work.”
“‘Installation’ is a new word that
everybody is using — installations are
happening for such a long time,”
says Espace’s Modi. “It’s basically a
reference to the expansion of an
artist’s idea into a 3-D concept.” Daily
W alk into a gallery these days and
you may be surprised to find neither
paintings on the walls nor sculp-
tures on stands. Instead the art may
be spread out on the floor, or sus-
pended from the ceiling, or casually leant up against
the wall. It may be painting or sculpture, or both, it may
be a video or soundtrack or several of each, it may involve
a performance or require the viewer to perform an action
of some sort. It may be made of a perishable organic ma-
terial, or it may be in stainless steel, or costly crystal, or all
of these things at once. It may fill up the whole gallery or
almost none of it. In short, there are no rules in installa-
tion art, and few limits, which is what makes it so at-
tractive to many artists.
It’s easy to calculate that space is a key element in the
creative mix that leads to an installation. An artist uses the
space available to him so as to make maximum impact —
but the space itself is not passive, not just a box to be
filled. Installations are also sometimes called site-specific
art. “Hemali Bhuta did an installation under my stair-
17
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A R T
Sunil Gawde’s 6 Pieces
of Balloons (left), Arrival
Departure (above) and
Garlands with Chair
A R T
R R I S H I R A O T E
Manjunath
Kamath’s
Vishnu Vilas
SPACEANDFORMAround the world, and now in
India, installations are hot — but
what are they?
Installationsbecome abit of anadventurefor thecollector too
art_installations.qxd 11/24/2009 2:30 PM Page 2
life itself holds an element of instal-
lation. “A dhobi ghat, a paan shop, a
puja havan are all installations,” she
says briskly, to show how capacious
the term can be.
“Anything you put in
a context then makes
sense,” says Sunil
Gawde, whose “mobile
sculpture” (his favoured
term) titled Alliteration
is a hit at this year’s
Venice Biennale art
show. “A car against
the seashore, in a garage — space
and form, positive space and nega-
tive space, all have certain relation-
ships and context.”
Despite the immersive context of
a work of installation art, Gawde
points out that although “A good
artist can reduce the
communication gap be-
tween viewer and cre-
ator,” as with any other
art form, “actually speak-
ing there is no control”
for the artist over the
viewer. The issue be-
comes more complicat-
ed when it comes to col-
lectors — how are they to display an
installation, even if it can be packed
up and taken away?
“If you start thinking what will
happen afterwards,” says Gawde,
“you will never produce.” His own
enormous Alliteration, 1.5 tons of
metal and machinery, was acquired
by an overseas collector. “There’s a
bit of an adventure from the collec-
tor’s side,” agrees Kallat, but adds
positively that “through the acquisi-
tion and installation the collector al-
so collaborates” in the art. There
are, sadly, few individual and insti-
tutional buyers of installation art in
India — partly because of the cost
and space involved, but mostly be-
cause the form is still not well un-
derstood. �
18
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Installationis a newword thateverybodyis usingtoday
Jitish Kallat’s
Aquasaurus and (main
picture) Sunil Gawde’s
Blind Bulbs II
A R T
art_installations.qxd 11/24/2009 2:31 PM Page 4
B A Z A A R
19
Tag Heuer recently introduced its luxury mobile phonecollection. Called Tag Heuer Meridiist, it is a luxurious,fashionable masterpiece that is assembled from 430 components, constructed from watch-making 316L corrosion resistant steel and covered by a pair of60.5 carat sapphire crystal glass.A perfect gift for yourloved one, this one is highly recommended.
RS 1.25 LAKH ONWARDS
R I N G I T I N
Rosenthal promises to work its magic on your diningtable.The renowned porcelain brand has, for the festiveseason, announced its new line of products. Persis, itsnew range, takes its inspiration from the ancient city ofPersis and the collection, designed in 24-carat gold, ismade of the finest quality of porcelain. Reminiscent ofthe Orient, it is what one calls a “classic”.
RS 1.50 LAKH
C L A S S I C G O L D
LUXETIMES Classic designs in luxury products
get a classical twist and emerge —
understandably — as winners
Jimmy Choo’s festive special for India finds itselfveering towards the glitter of gold. Don’t believe us?Take a look at the Cosma clutch that’s shown here. Ithas been created especially for the Indian womanwho is all set to step out and conquer the world.Highlighting the leather clutch are snazzy clusters ofmetal buttons.A contemporary classic, shall we say?
RS 69,000
S T Y L E C L U T C H
O C T O B E R - D E C E M B E R 2 0 0 9
product-r.qxd 11/24/2009 3:06 PM Page 1
21
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E T I Q U E T T E
Is it tea-time already? It is
important to dress snobbishly, but
discreetly, and mind your manners
when the high tea is served
E T I Q U E T T E
WHAT’S THECHUKKER?When it comes to sport, there’s nothing as
pleasant, or gracious, as watcing a few rounds of
polo. But you’ll need our primer to make sure you
don’t make some commonplace gaffes
A A B H A S S H A R M A
The economic downturn might have af-
fected the fortunes of polo in the coun-
try, yet it hasn’t prevented the crème-
de-la-crème from making their pres-
ence felt to increase the glamour quo-
tient of this sport, confined to the winter months.
While polo has always been an erstwhile passion of
the royal families — which means you’ll see people
sporting the most premier among designer labels in or-
der to emulate their lifestyle — it’s no surprise to see
polo matches becoming a high-profile social event
rather than a sporting event. So how do newbies
conduct themselves at a polo match? Here’s our
four-point guide to make yourself look like a veteran.
11)) KNOW YOUR RULES
Too often, you will find people attending
polo matches without knowing even the
basic rules of this equestrian sport. So it is
extremely essential that you at least
know the basic stuff. In short, this is how
a polo match unfolds: the game is played
on a large, level, grassy field measuring
200 x 300 yards (a polo field can
accommodate up to nine regulation-size
football fields). It is played over four to
six chukkers (each round is called a
chukker and each chukker is of seven-
and-a-minutes of playing time, with time
stopped for executing penalties) and can
44)) WINE & DINE
Not everyone is invited to
the high tea that follows
(check your invitation), but
if you are: enjoy it! It’s
straight out of the Raj
with gloved butlers serving
scones and tea. However,
with corporatisation,
champagnes and wines
have been introduced and
you will find cigars doing
the rounds as well.
last from one to one-and-a-half hours.
22)) POLO DRESSING
Take out your designer hats, sunglasses and pearl
necklaces before heading off as a polo spectator. Else,
you will stick out like a sore thumb. After all, it is more a
Page 3 event than a sporting event. It’s all right for the
real royals to dress shabbily, though.
33)) THE RIGHT SET OF WHEELS
Don’t fret if for a moment you wonder if you have come
to an automobile show and not a polo match. Rows of
limousines, Porsches, Audis will greet you at the parking
lot. If you drive a lowly Honda City or, worse, a small car,
try renting a big car for the “occasion”.
polo.qxd 11/24/2009 3:03 PM Page 2
KKnnooww tthhee ffuuttuurree
This is probably one of the best ways to describe “struc-
tured products”. The fact is that there is no uniform de-
finition for structured products, but by nature this in-
vestment option tells you what the end result of your in-
vestment could be. Returns on these products depend on
event triggers.
Globally, structured products are one
of the largest selling products in the
world of wealth management.
Comparatively, in India, the allocation
towards structured products is very small.
Although relatively new, structured
products are now becoming increasingly
popular among investors to allocate a
decent portion of their portfolio. In India,
structured products are offered through
debenture issuance from a NBFC under private placement
guidelines issued at face value. Debenture issuances are
listed in exchanges for the purpose of liquidity and ease
in administering after the issuance.
Given the nature of these instruments, they usually
come with a lock-in clause and the period of such lock-in
could typically range between two and three years.
DDeebbtt oorr eeqquuiittyy rreeppllaacceemmeenntt
Structured products can be either debt or equity re-
placement in one’s portfolio depending upon its structure.
For the bullish investor, the most popular structure is
“Basket of Stocks” wherein an investor stands to gain sig-
nificantly if the value of the stocks in the basket were to
increase by a certain pre-determined percentage over a
given time frame. On the flip side, if the
value of the stocks does not increase by
the prescribed amount, the capital comes
back without any gains.
For the safe investor who is more debt
oriented, the “Reverse Convertible
Structure” is more suitable. These instru-
ments carry a fixed return, provided the
underlying benchmark (mostly Nifty in-
dex) remains above the issue level on the
maturity date. However, if the benchmark closes below
the issue levels then the indicated returns are reduced by
a fixed proportion for every percentage below the issue
levels. For example, if the Nifty over a period of, say, three
years remains positive, the issuer of the structured prod-
uct will give the investor a flat 57 per cent return on in-
vestment. However, if it goes negative, for every 1 per 23
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22
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I N V E S T M E N T
I N V E S T M E N T
THE ENDS ANDTHEIR MEANS
cent drop the issuer would give 2
per cent less return than the indi-
cated return of 57 per cent.
These two structures do not form
an exhaustive list and there are nu-
merous structures that are possible to
create, depending upon the in-
vestor’s objective and feasibility for
the issuer.
CCaappiittaall gguuaarraanntteeee
Capital guaranteed structured prod-
ucts are more popular with the
Indian investor. While offering capi-
tal guarantee, these instruments also
have the potential to beat the re-
turns from conventional investment
instruments. Then there are also the
non-capital guaranteed structures
which offer very high returns, but
these can also dig into the capital
invested if the required conditions
are not met.
TTaakkee aann iinnffoorrmmeedd ddeecciissiioonn
The most important criteria for any-
one who is investing in a structured
product is that they need to have a
view on the underlying reference of
the product. For example, if one is
looking at a Nifty-based structured
product, he/she needs to have views
on the equity market. If you are bull-
ish on the markets then you will buy
a product that follows that line of
thought.
Other important factors that in-
vestors should be very particular
about are understanding the struc-
ture of the product, taking note
of the rating and rating agency of
the debenture issuer, and check-
ing if the product is secured or un-
secured.
Investors should be aware of the
fact that there are three platforms
through which they can invest in
structured products. These include
the portfolio management services
platform, the mutual fund platform
and through direct debentures of
the company. All the three platforms
have their pros and cons which
should be studied before commit-
ting to the investments. �
The author, B Gopkumar, is senior
executive, Kotak Mahindra Bank
Structured products attract small allocations but occupy
an important niche when it comes to managing wealth
B G O P K U M A R
Investors should remain aware of the platforms through which they can invest in structured products
Structured
products are now
becoming
increasingly
popular among
Indian investors
investments.qxd 11/24/2009 3:00 PM Page 2
India’s pluralistic tradition extends to the world of
medicine as well. Homeopathy, unani, ayurvedic
are just some schools of healing that co-exist
side-by-side with allopathy. To this mix, add
acupuncture, which is gaining greater accep-
tance. It is believed that the earliest practioners of
acupuncture were the Chinese and there is according to
historians evidence of it being practised as early as the
Stone Age. Believers of acupuncture also claim that all pos-
sible illnesses have been documented in acupuncture
for over a thousand years.
In modern times, the growing popularity of acupunc-
ture can be put down to its utility in helping manage and
cure some chronic illnesses. Acupuncture’s biggest success,
according to studies carried out by Western researchers,
has been with musculoskeletal pain. Anyone who has 25
O C T O B E R - D E C E M B E R 2 0 0 9
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H E A L I N G
H E A L I N G
ever suffered from back pain or
cervical spondylosis will know the
futility of pursuing allopathic treat-
ment. Endless trips to a doctor’s
clinic, sittings at the physiothera-
pist’s and still no ease from pain
or guarantee of a cure is the lot
of those who are unfortunate to
suffer from spine problems.
Acupuncture’s success with mus-
culoskeletal pain and other illnesses
has a lot to do with the way the
system is practised. Acupuncture is a
holistic system which believes in
treating an illness by getting to its
root cause. The Chinese school of
medicine is predicated on the prin-
ciple of qi.
Loosely translated in English, qi
means “vital energy”. When a per-
son’s qi is either blocked or stan-
gant, that illness manifests itself.
Hence, an acupuncturist will con-
centrate on opening up the blocked
qi. An acupuncturist generally spends
a sizeable amount of time with a
patient when first trying to arrive
at a diagnosis. After fully acquainting
himself with the patient’s entire
medical history, a treatment plan is
charted out.
And this is where acupuncture
differs from other schools. There are
no medicines that are prescribed and
the practioner works mostly only
with needles and depending on the
severity and length of the illness, the
time required for cure is spelt out.
The practioner will put super slim
needles after deciding on which path-
ways need to be treated.
So, for instance, for someone suf-
fering from chronic fatigue, the
acupuncturist is likely to needle the
spleen channel. In acupuncture,
the spleen channel isn’t the same
thing as the way the organ
spleen is understood in allopa-
thy. According to Wikipedia, “In
Chinese medicine, the energetic
function called the Heart Meridian is
responsible for sleeping, conscious-
ness and anxiety as well as the phys-
ical functions surrounding the heart
organ, blood and blood vessels. In
Western medicine the emotions are
a chemical process that originate in
the brain.”
Whatever be the debate in sci-
entific circles, there are increasing
number of people who are begining
to choose this system of medicine
over Western medicine. Over
medical isation of
healthcare, often inability to treat
chronic illnesses, and rising cost and
commercialisation is putting peo-
ple off Western medicine.
Acupuncture, on the other hand,
gives relief, isn’t seen to be ex-
ploitative and commercial as yet.
Also, the long and unhurried regular
interaction between the acupunc-
turist and the patient is a valued link
in the treatment plan. �
A R C H A N A J A H A G I R D A R
PINS ANDNEEDLESAcupuncture treats a patient holistically rather than
piecemeal, as is the case in allopathic medicine
There are nomedicinesprescribed inacupuncture andthe practitionerworks mostly onlywith needles
PH
OT
O
:
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UN
DE
RC
HIL
D
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When you’ve grown up in wide, open
spaces, in the kind of zamindari es-
tates that are now reserved only for
Bollywood fare, it’s difficult to rec-
oncile to life in fast-paced cities, in
cramped apartments with paper-thin walls. Not that
Amrit Kiran Singh, head of Brown-Forman in India, lacked
space when he built a home for himself and his children in
millennium city Gurgaon. But as the years went by, he felt
the need to build again, a home with more grace, more el-
egance, more nostalgia — a home more like the kind he
had grown up in, and kept returning to, but which he now
wanted to reinterpret for himself all over again in Gurgaon.
It’s difficult to imagine such a space in Gurgaon, its sky-
line pierced by highrise apartments and neon-lit malls, but
since this is where his office is, it was here that Singh
was determined to evoke a bit of his childhood. This is
Dharfari House, Singh’s ode to the faded tradition of za-
mindari and a village by that name in eastern Uttar
Pradesh, where once his grandfather and then his fa-
ther commanded orchards of litchi and fields of ripening
wheat and corn, and which is now his inheritance.
That echo of Dharfari has now found contemporary
roots, bits of it — lamps and beds, a dressing armoire
and a writing bureau — brought back from Dharfari-the-
village to Dharfari-the-house. Instead of employing an
architect, as most people would have done, Singh brought
in a structural engineer, someone who would testify to the 27
O C T O B E R - D E C E M B E R 2 0 0 9
26
O C T O B E R - D E C E M B E R 2 0 0 9
soundness of his ideas. “I travel a
lot,” says Singh, relaxing in his for-
mal living room, “I would come back
with lots of pictures” — visual refer-
ences of the kind of house he want-
ed, a place with large-sized bedrooms
that got a lot of light, but a home
“that shouldn’t ever get dated”.
The old furniture — both that
which he had resuscitated from
Dharfari, but including some he had
designed earlier — helped. “Nothing
in this house is modern, apart from
the television, or the refrigerator,”
Singh says, “even the tap fittings
have porcelain levers, not some fancy
ones.” To that end, parts of the ceil-
ing are two storeys high, creating an
illusion of space, and the doors are
nine feet in height, while the frontage
of glass that overlooks the garden
makes no allowance even for drapes
or blinds — something his wife must
have objected to? “Fortunately, no,”
smiles Singh, “because once she’s de-
cided on something, she can be quite
obstinate about it.”
Obstinate or not, she enjoys a
facet of the house that Singh insisted
on, and which till a few decades ago
was a part of most Indian homes —
the verandah, a space where you
can soak in the sun in winter months,
enjoy the monsoon rain, or sip a cup
of morning tea. “From that level,”
says Farah of their bedroom veran-
dah, “we see only the greenery”, not
the skyscrapers that dwarf them; a
place where her husband goes
through the papers, or sits in repose,
a book on faraway Lucknow in hand.
That he likes reading is evident
from the first-floor library with its
Chesterfield sofa, huge armchairs,
and shelves full of leather bound clas-
sics — everything from William
Dalrymple to Aravind Adiga, including
bestsellers, though what he enjoys
most are historical sagas and biogra-
phies and autobiographies, proof of
K I S H O R E S I N G H
HOME OF MEMORIESInterpreting a feudal estate as a contemporary house is less difficult than you might imagine
D E S I G N
The facade (left), family lounge, and the
Singhs in the formal living room (below)
PH
OT
OS
:
PR
IY
AN
KA
P
AR
AS
HA
R
home.qxd 11/24/2009 2:47 PM Page 2
which are the lith-
ographs of
Lucknow which
are grouped to-
gether on one
wall. Below the li-
brary is the fami-
ly lounge with its
family pictures, but it is in the library
that Singh does the paperwork that
is such a part of modern life, before
entering his bedroom with its charm-
ing four-poster bed, its only oddity
the en suite bathroom that is modern
and capacious enough to be part of
a presidential suite in a luxury hotel.
At some stage during our conver-
sation, Singh’s Hungarian hunting
hound comes into the room — till re-
cently it was the only one of its kind
in India, brought from Budapest, but
an expat banker has since brought
two with him — a lonely dog ever
since two other family dogs, attacked
by cobras soon after they had moved
into Dharfari House, died. “The
hound stayed with me at the office
for eight months,” laughs Singh, be-
cause his disciplinarian wife would
not allow the family more than two
dogs at a time, though she finally
relented and the ceiling was relaxed
to make room for three dogs.
Similarly, though Singh wanted to
replicate the huge glass walls of the
drawing room in the kitchen, in-
tending to overlook the courtyard
garden and lily pool, she laid her foot
down, telling him it was a working
place, and he was not to be allowed
to indulge his whims here.
The dining room, even though
small, is not claustrophobic because of
its double-height ceiling, a first floor
lobby opening over it, and a shaft
to one side that has been converted
into a cellar. Though his more delicate
wines are stored in a closet-like space
next to it, the “cellar” consists of
racks for the wines, and though there
is an air-conditioner built into it, the
attempt is more aesthetic than func-
tional — something he reluctantly ac-
cedes. The cellar ceiling is glass, flood-
ing the dining room with light; even
part of the bathroom ceilings on the
first floor are of glass “so the quality
of light in the bathrooms is amaz-
ing”, Singh gloats.
A recent addition to the house is
Singh’s Mercedes-Benz two-seater
SLK, since it’s just the two of them liv-
ing at home now, though he says,
“We like having people in the house.”
A bar to one side of the drawing
room attests to that, even though
“it’s not the swish kind” Singh almost
apologises, but in keeping with his
temperament, meant for intimate,
casual, friend-filled evenings; a vat to
one side, functioning as a table, attests
to a time when one of the whiskies he
was associated with came in these
wooden barrels.
The couple’s collection of art is
eclectic — black and white graphic
zebra portraits along the staircase,
some modern kitsch, but also happy
watercolours by Goa-based artist
Subodh Kerkar, a Shuvaprasana, an
interesting M F Husain, and a Thota
Vaikuntam that needs a clean-up
since the artist executed the char-
coal drawing on canvas.
Singh says he would like to do
something back in Dharfari, to give
back to the people of the area, once
he retires — perhaps showcase a slice
of rural life for urban dwellers, com-
plete with the peace there, and the
litchi orchards. As a nod to that, he’s
just planted a litchi sapling near the
gate, while at the entrance to the
road on which Dharfari House has
been built, he has placed a Buddha
statue from his ancestral village — its
location is close to the region’s
Buddhist heartland — with words in-
tended to soothe city-dwellers: “May
you find peace in your chaos.”
In the enclosed community where
Dharfari House stands, the residents,
hopefully, will find that peace. �
D E S I G N
The library with itsChesterfield sofa hasshelves full ofclassics, biographiesand autobiographies
O C T O B E R - D E C E M B E R 2 0 0 9
28
home.qxd 11/24/2009 2:57 PM Page 4
29
O C T O B E R - D E C E M B E R 2 0 0 9
B A Z A A R
Omega, a reputed name in timekeeping, dives tounimaginable levels.A stainless steel body, polishedbevels, lacquered black dial and black chromedengraving make this watch a design classic. It remainswater-resistant even 1,200 ft under water.A must forprofessional divers, this is what they call cutting-edgetechnology
RS 3.17 LAKH
D I V E W I T H T I M E
Frazer & Haws is one of the most reputed brands insterling silver. For this year — the designers startplanning their collection a year in advance — thecollection gets a fun element for some added zing.Take a look at this gorgeous “Maharani” tea set, whichstands upright (just like a queen) and is bound to bring a smile on your loved one’s face
RS 1.65 LAKH
R O Y A L T E A
Varya is fast on its way tobecoming a reputed name in Indianlifestyle stores.We especially lovethis Paris trunk kilim which is an odeto antique luggage and travelgoods.This handcrafted throwbackto the Raj era also has variationsavailable in leather.
N O T J U S TA T R U N K
RS 85,800
Glenfiddich’s 21-year-old single maltwhisky requires a toast. The brandcompleted 40 years recently and continuesto bring out some of the best whiskies.Glenfiddich 21 completes its maturation incasks that had held aged Caribbean rum.Malt masters regularly sample the whiskyto ensure that the experience is smooth.
T H E P E R F E C TD R I N K
RS 6,000
product-r.qxd 11/24/2009 3:07 PM Page 3
P rivate equity, globally, has been an impor-
tant asset class for investment diversification
and has historically delivered superior re-
turns compared to other asset classes.
Private equity is now gaining momentum in
India as well and Indian investors now have an option to
diversify their investments through private equity, previ-
ously unavailable.
WWhhaatt iiss pprriivvaattee eeqquuiittyy??
In financial parlance, there exist a number of asset class-
es broadly categorised on their risk and return charac-
teristics. The key asset classes are debt, gold or com-
modities, real estate and equity. The equity asset class can
be further categorised into three main sub classes, name-
ly venture capital, private equity and public equity.
At a generic level, venture capital refers to equity in-
vestments in companies in the early stage of their growth
and public equity refers to equity investments in listed com-
panies which have achieved sig-
nificant size and scale. Private
equity refers to that stage of eq-
uity investments in companies
between venture capital and
public equity. In essence, private
equity refers to investments in
relatively mature, primarily un-
listed companies requiring capital
to accelerate their growth and
looking to list in near term.
PPrriivvaattee eeqquuiittyy vviiss--àà--vviiss ootthheerr eeqquuiittyy aasssseett ccllaasssseess
Private equity captures companies in that phase of their
growth when product risk, management risk and fi-
nancing risk have to a large extent been mitigated. The
company has reached a stage where its products or ser-
vices are being actively used by its clients, the company has
been able to build a managerial team and the company
is relatively stable and has the ability to tap financing chan-
nels to meet its normal banking needs.
While the company is relatively stable, it requires
long-term capital to scale up and grow in size. Investment
managers of private equity funds screen such companies
with significant growth potential and provide this capital.
Each private equity investment is backed by a strong in-
vestment thesis which plays out over a three to five year
period. Each investment is preceded by extensive business,
legal and financial due-diligence. The investment managers
exert significant influence on the company through
shareholder rights and board positions.
UUnnddeerrssttaannddiinngg pprriivvaattee eeqquuiittyy rreettuurrnnss
There are a few things that work to the advantage of
companies when they have taken private equity funding.
Having received validation on its future growth prospects
through institutional private eq-
uity funding, the profiles of
these companies expand. Not
only do these companies have
fresh capital to pursue further
expansion plans, with their ex-
panded profile they are also
able to attract good talent. In
addition, these companies now
have patient long-term investors
who are willing to wait and
work with the company to see
their investment thesis play out.
Private equity firms work closely with their portfolio
companies. The promoters of portfolio companies are
entrepreneurial, thought intensive and have excellent
execution skills. However, many a times, they are moving 31
O C T O B E R - D E C E M B E R 2 0 0 9
30
O C T O B E R - D E C E M B E R 2 0 0 9
E Q U I T Y
E Q U I T Y
UNDERSTANDINGPRIVATE EQUITY
from task to task and are constrained
on time. Also, many a times, they
have gone into a groove doing things
a particular way, not having the time
to think of doing things differently.
Private equity firms, in a way, act
as independent thinking cells and
sounding boards for their portfolio
companies. They keep meeting a lot
of people and companies across sec-
tors and geographies and a lot of
ideas and potential strategies get dis-
cussed with their portfolio compa-
nies. This broadens the horizons of
these companies. In addition, private
equity firms use their relationships
to opening doors to new clients, get-
ting introductions to independent
directors and facilitating alliances.
Such factors enable the portfolio
companies to grow faster and private
equity to generate high returns.
HHiissttoorryy ooff pprriivvaattee eeqquuiittyy iinn IInnddiiaa
Private equity in India has matured as
an asset class over the last decade.
Companies looking to raise equity
capital today realise and appreciate
the significant advantages coming
from value adding private equity in-
vestors. The last few years have seen
a quantum growth in the number of
private equity investments in India.
The total value of private equity in-
vestments stood above Rs 50,000
crore in 2008. Not only has there
been an increase in the number of
private equity investments in India
but there has also been an increase in
the number of private equity exits,
thus indicating the growing maturity
of the Indian private equity markets.
KKeeyy aattttrriibbuutteess ooff aa pprriivvaattee
eeqquuiittyy ffuunndd
There are two key aspects which in-
vestors should look forward to when
investing in private equity funds.
TTeeaamm eexxppeerriieennccee:: Team experience
and track record is a critical factor to
the success of a private equity fund.
Funds having professionals with rel-
evant Indian private equity experi-
ence will stand an advantage when
compared to teams with non-Indian
or non-private equity backgrounds.
EExxiittss ffooccuuss:: While investments are
an important activity for private eq-
uity firms, equally or possibly even
more important is the focus on exits.
Ensuring that investments have been
made in sectors and companies in
which exits are visible and predictable
is an important investment decision.
Private equity firms with a focus on
late stage private equity where exits
are more imminent stand an advan-
tage in this regard.
One of the funds offering these
key attributes and currently open
for subscription is Reliance Private
Equity. Reliance Private Equity man-
ages third party, India-focused pri-
vate equity funds and is currently
raising a Rs 2,000 crore India-focused,
sector agnostic private equity fund.
Reliance Private Equity is accepting
capital commitments from large, re-
puted Indian financial institutions
and corporates. The subscription of-
fer for investment into the fund has
been exclusively opened for a short
period to a select group of high net-
worth investors as well.
CCoonncclluussiioonn
Private equity offers an attractive in-
vestment diversification strategy and
investors can consider allocating a
share of their equity exposures
through private equity. �
The domain of private equity offers diversification opportunities to investors
PPrriivvaattee EEqquuiittyy 2244..99%%
1100%% 2200%% 3300%%
88..66%%
66..22%%
SSttoocckkss
BBoonnddss
UUSS hhiissttoorriiccaall rreettuurrnnss((JJaann 11999977 ttoo DDeecc 22000066))**
RREETTUURRNNSS DDEELLIIVVEERREEDD BBYY PPRRIIVVAATTEE EEQQUUIITTYY IINN TTHHEE UUSS MMAARRKKEETT
Illu
st
ra
tio
n:
A
ja
y
Mo
ha
nt
y
HHaarrii AAggrraawwaall,, CCFFOO,, RReelliiaannccee
EEqquuiittyy AAddvviissoorrss
Prior to joining Reliance, Hari
Agrawal was the CFO at
Sequoia Capital India.
Agrawal was responsible for
overseeing the firm's legal,
financial and administrative activities as well
as LP communications. He was involved with
the firm's portfolio companies in various ca-
pacities such as due diligence, M&A, banking,
debt raising and general portfolio monitoring
activities. Agrawal has been involved in more
than 50 investments at Sequoia Capital India.
Prior to joining West Bridge, Agrawal
was the financial controller at Ford Credit,
Kotak Mahindra. Prior to Ford Credit, he
was the head of operations for long-term
lending products at Kotak Mahindra Finance.
Agrawal is a chartered accountant. He
holds a BCom degree from Sydenham
College, Mumbai. Agrawal completed his
schooling from The Scindia School, Gwalior.
H A R I A G R A W A L
private equity.qxd 11/24/2009 3:04 PM Page 2
32
O C T O B E R - D E C E M B E R 2 0 0 9
M E M B E R S H I P
M E M B E R S H I P
To add to the festive cheer, look out for
these exciting offers and lifestyle
privileges that Privy League has put
together for you
LLUUXXUURRYY IINNTTEERRNNAATTIIOONNAALL HHOOTTEELLSS
Access premium hotels like Dusit Thani Laguna at
Phuket, The Legian at Bali, Marina Mandarin at
Singapore and many more through The Leading Hotels
of the World programme. Experience luxury at its
prime by availing of exclusive offers at these hotels.
EEXXOOTTIICC TTRRAAVVEELL DDEESSTTIINNAATTIIOONNSS
Exciting holiday packages from Thomas Cook, for
vacation hot-spots like South Africa, Darjeeling and
Srinagar along with free visits to key tourist locations,
complementary meals and much more.
SSPPEECCIIAALL DDIISSCCOOUUNNTTSS AATT PPRREEMMIIUUMM HHOOTTEELLSS
Enjoy exclusive discounts at Intercontinental The Lalit,
Goa, and Ista Hotels.
GGRREEAATT GGIIFFTTIINNGG IIDDEEAASS
Gift in style by availing special discounts at
Flora2000.com, Montblanc pens, Maspar home
furnishing and Magpie.
PPRREEMMIIUUMM MMAAGGAAZZIINNEE SSUUBBSSCCRRIIPPTTIIOONN
Enjoy fabulous discounts on subscription of Time
magazine, Golf Digest and Harvard Business Review.
TTEEEE OOFFFF IINN SSTTYYLLEE
Enjoy great gifts like golf shoes or double canopy
umbrella, on purchases of GEL golf items.
For details, go through the Special Offers booklet sent
to you along with your September 2009 statement or
refer to the Privileges section of your Net Banking.
Write to us on [email protected] for details.
DDIINNIINNGG OOFFFFEERRSS
Enjoy great deals on dining at fine-dine restaurants
close to you. Your special dining offers booklet will
reach you soon.
WE INVITE YOU TO WRITE!
We invite you to share your experiences with other Privy League members by sending in articles on themes like trav-
el, sports, lifestyle and so on in each issue. For the forthcoming issue the topic is travel. So go ahead and send in
your contributions to [email protected] with the subject line “SELECT article - Travel”. Your article should be
between 1,200 - 1,500 words. You may also share the pictures of the destination which you are covering in your ar-
ticle. The chief editor will select the best article which will feature in the January-March 2010 edition of Privy League
Select. Please send in your article latest by December 20, 2009.
KKNNOOWW YYOOUURR PPRRIIVVYY LLEEAAGGUUEE
As a Privy League member you have access to financial planning for your future!
WWhhaatt iiss tthhee ggooaall ooff ffiinnaanncciiaall ppllaannnniinngg??
Financial planning isn’t just about long-
term objectives. For instance, you may be
planning for the education of your
children or thinking about purchasing a
bigger home or perhaps even planning
ahead for your eventual retirement.
There may also be occasions when you
may want to make major purchases, or
instances when you may suddenly find
yourself confronted by substantial
expenses. If you plan ahead, you can
meet any of your short-term
requirements as well.
The goal of financial planning,
therefore, is to meet all of your short-term
as well as your long-term goals through
the proper and systematic management
of your finances. For a financial plan to be
solid, it’s important to understand where
you are placed today, financially,
healthwise, and where you want to go.
WWhhaatt iiss tthhee pprroocceessss aallll aabboouutt??
The financial planning process gathers
the relevant information, allows you to
set your life goals and examines your
current financial status before
developing a strategy to meet your goals.
HHooww ddooeess PPrriivvyy LLeeaagguuee mmaakkee iitt HHaappppeenn??
Privy League has been designed keeping
your needs in mind and it offers you a
customised financial plan to achieve your
dreams. To do so, Privy League applies a
scientific and logical approach towards
achieving your financial goals and
aspirations. What is unique to Privy
League is its focus on examining the
details of all the available variables, the risk
assessment and the investment scenario.
Privy League does so by bringing you the
advantages of the Kotak Private Banking
System (KPBS) in order to provide you
with a truly customised solution.
WWhhaatt iiss tthhee KKoottaakk PPrriivvaattee BBaannkkiinngg SSyysstteemm
((KKPPBBSS)) aanndd wwhhaatt’’ss iinn iitt ffoorr yyoouu??
The Kotak Private Banking System
supports your Relationship Manager in
offering you a complete, customised
financial plan along with advice on your
asset allocation and what schemes to
invest in. Of course, all of the above is
done keeping your financial objectives
in mind.
It begins by understanding your
entire financial position; including your
cash inflows, cash outflows, goals, loans,
current assets and so on in order to
determine your risk profile, and then
recommends an asset allocation to
match your profile. But that’s not it. The
KPBS even helps your Relationship
Manager to advise you on the insurance
cover you require based on three
methods: human life value, expenses
and peak liability.
These recommendations empower
you to take decisions and choose the
products that are best suited to meet
your requirements.
HHooww iiss yyoouurr rriisskk pprrooffiillee aasssseesssseedd??
Before you even get into making
investments, it’s important to understand
how you feel about them — the process,
the risk and how you actually evaluate
returns on your investments. This is what
the Privy League programme makes a
detailed study of and it’s called your risk
profile. This is reviewed from time to time
in order to better understand your
financial risks and suggest the right asset
allocation on the basis of your risk profile.
For this purpose, the Privy League
programme utilises a versatile tool
known as the Risk Profiler. Basically, you
are asked a set of pre-defined questions
and your answers are analysed to arrive
at your risk profile.
Your Privy League Relationship
Manager will help you with the process of
financial planning. �
UNDERSTANDING
YOUR OBJECTIVES
Now enjoy Privy League benefits at a lower Average Quarterly
Balance of Rs 50,000!
Contact your Relationship Manager for more details.
33
WHAT’S NEW INPRIVY LEAGUE?
O C T O B E R - D E C E M B E R 2 0 0 9
new_in_privy league_final.qxd 11/24/2009 3:02 PM Page 2
35
O C T O B E R - D E C E M B E R 2 0 0 9
C O O K I N G
C O O K I N G
COOKSTOO MANY Celebrities are always in the news, but what do they do when they’re at home?
We get a few of them to cook especially for you. Enjoy the recipes
RR aa mm oo ll aa BB aa cc hh cc hh aa nn
THE RESTAURATEUR’S TABLERamola Bachchan began her restau-
rant Manre two years ago and has,
since then, loved serving her growing
clientele. A fantastic cook herself —
she loves to bake — Bachchan says
that she likes to experiment and en-
joys the process of “creating a dish”.
OOVVEENN--RROOAASSTTEEDD CCHHIILLEEAANN
SSEEAA BBAASSSS
330000 ggmm sseeaa bbaassss ffiilllleett
55 ggmm ssaalltt
22 ggmm ppeeppppeerr
1100 mmll ooiill
55 mmll wwhhiittee wwiinnee
220000 ggmm ssppiinnaacchh lleeaavveess
55 ggmm ggaarrlliicc
55 ggmm bbuutttteerr
FFoorr tthhee ccaappeerr aanndd bbuutttteerr ssaauuccee
1100 mmll wwhhiittee wwiinnee
1100 ggmm ssoofftt bbuutttteerr
55 ggmm ccaappeerr
JJuuiiccee ooff hhaallff aa lleemmoonn
55 ggmm cchhooppppeedd ppaarrsslleeyy
1100 ggmm ttoommaattoo
SSaalltt aanndd ppeeppppeerr ttoo ttaassttee
Marinate the fish in lemon juice,
olive oil, salt and pepper and then
leave aside for two to three hours.
Pour a little oil into a non-stick pan,
and in it sear the sea bass until the un-
derside turns brown. Turn the fish
over and brown for a further two
minutes. Once the fish is suitably
browned, put the pan in the oven at
200 degrees Centigrade for about
eight minutes.
While the fish is cooking, add gar-
lic and butter to a hot pan. Add the
washed spinach to the pan and move
around until it is adequately wilted.
Remove and set aside for service.
Now, in the pan, deglaze with white
wine and then add butter and cook
until sufficiently brown. Toss in the
capers and tomatoes and just warm
them enough and then remove from
the pan. To serve, place the spinach
on a warm plate and add the cooked
fish on top. Drizzle the tomato and
caper sauce, and serve. �
RR aa jj ee ee vv KK hh aa nn dd ee ll ww aa ll
HEALTH FOR GOOD MEASURE
Actor Rajeev Khandelwal is a self-
confessed health freak and admits
that he doesn’t like eating the typ-
ical greasy, oily food that is served in
Indian homes. He invariably rustles
up a meal-in-a-bowl for himself and
shares this interesting recipe with us.
RRAAJJEEEEVV’’SS DDIINNNNEERR BBOOWWLL
22 sspprriinngg oonniioonnss
11 eeaacchh ggrreeeenn,, rreedd,, yyeellllooww bbeellll
ppeeppppeerrss
½½ ppaacckkeett mmuusshhrroooommss
11 ccuupp ssooyyaa ggrraannuulleess ((ssooaakkeedd iinn
hhoott wwaatteerr ffoorr 55 mmiinnuutteess))
½½ ttsspp mmuussttaarrdd sseeeeddss
½½ ttsspp wwhhoollee ppeeppppeerrccoorrnnss
55 ppooddss ggaarrlliicc
22 eeggggss ((bbooiilleedd aanndd cchhooppppeedd
rroouugghhllyy))
11 ttbbsspp oolliivvee ooiill
½½ ccuupp bbrrooccccoollii
11 ttbbsspp,, ffrreesshh lliimmee jjuuiiccee
AA bbuunncchh ooff ffrreesshh ccoorriiaannddeerr aanndd
mmiinntt lleeaavveess
SSaalltt ttoo ttaassttee
OOrreeggaannoo aanndd rreedd cchhiillllii ffllaakkeess,,
ttoo ttaassttee
Drizzle olive oil onto a nonstick
pan and spread well. Add pepper-
corns and mustard seeds. Let seeds
sputter. Chop garlic pods and add
them along with finely chopped
spring onions. Chop green cap-
sicum, yellow and red bell pepper,
and cabbage and add. Stir for five
minutes.
Soak soya granules in hot water
for five minutes and rinse thor-
oughly in cold water thereafter for
another two or three minutes.
Squeeze and add them to the pan.
Add mushrooms, boiled eggs and
sprouts. Add salt to taste, oregano,
red chilli flakes, finely chopped mint
and coriander leaves. Squeeze
some lime juice on top. Mix well
and serve. �
RR ii tt uu DD aa ll mm ii aa
DIVA ITALIA A Marwari, one might have expected
Ritu Dalmia to launch a Rajasthani
food outlet. Instead, she chose to cre-
ate an Italian diner that is synony-
mous with good food in India. An
earlier attempt in the business went
bust but she came back with Diva,
one of the longest-running success
stories in Italian cuisine in India.
CCLLAASSSSIICC RRIISSOOTTTTOO WWIITTHH PPOORRCCIINNII,,
GGOORRGGOONNZZOOLLAA
AANNDD SSHHEERRRRYY
22 ttbbsspp bbuutttteerr
22 ttbbsspp cchhooppppeedd oonniioonnss
AA hhaannddffuull ooff rriissoottttoo rriiccee
ppeerr ppeerrssoonn
MMuusshhrroooomm ssttoocckk
½½ ccuupp wwhhiittee wwiinnee
11 ssmmaallll ggllaassss sshheerrrryy
½½ ccuupp mmuusshhrroooommss ((aannyy kkiinndd))
½½ ccuupp ppoorrcciinnii mmuusshhrroooommss,, ssooaakkeedd
iinn wwaarrmm wwaatteerr ffoorr ttwwoo hhoouurrss
11 ttsspp ppaarrsslleeyy
PPiinncchh ooff ssaalltt
22 ttbbsspp GGoorrggoonnzzoollaa
((bblluuee cchheeeessee))
EExxttrraa--vviirrggiinn oolliivvee ooiill
Put the butter in a hot pan and
add chopped onions. Toss lightly
for two minutes and add risotto
rice. As soon as rice is coated with
butter, reduce flame to medium
and add mushroom broth. For
more intense flavour, add mush-
room broth ladle by ladle, not al-
lowing rice to stick to pan.
The slower you cook, the bet-
ter the flavour. Add white wine
and sherry. Now add mushrooms.
Let cook for 20 minutes. Make sure
you don’t add water or broth in
one go. Once the risotto is puffed
up, add a pinch of salt (that’s all you
need, since the Gorgonzola is very
pungent) and the parsley. Then
add porcini mushrooms.
If required, use leftover water
from mushrooms to cook risotto.
Towards the end the broth thick-
ens, so you won’t need to add
cream. When cooked, add
Gorgonzola and cook on very low
flame, just enough to melt cheese
into the risotto. Add butter and
take off flame. Cover and leave
for a minute. Drizzle olive oil be-
fore serving. �
O C T O B E R - D E C E M B E R 2 0 0 9
AA nn uu jj aa CC hh aa uu hh aa nn
SNACK ON THE RUN Advertising professional Anuja
Chauhan famous for her one-lin-
ers for Pepsi, rustles up a de-
lightful snack for us.
Heat oil in deep pan, put in rai
and curry leaves and wait for
crackle. Add onion and most of
the tomato, both finely chopped,
then haldi. Stir, then add wet chi-
wda and sprouts. Add salt. Add
water and stir. Put on medium
flame and cover. Alongside, heat
oil in shallow pan, and quickly fry
Kurkure, makhana and peanuts
with a little salt. Finally, mix the
two parts and sprinkle a little sug-
ar on top. Garnish with generous
amounts of dhania and remaining
chopped tomato. �
1 cup wet chi-
wda
½ cup sprouts
1 tsp rai
A few curry
leaves
2 tbsp oil
1 tomato
1 onion
½ cup peanuts
½ packet
Kurkure
A handful of
makhana
½ cup water
2 tbsp oil
Dhania
Salt
Sugar
NOUGHTS-AND-CROSSES
CHIWDA
34
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NN ee ee nn aa MM aa nn uu ee ll
FOOD FOR THE RAMP Model Neena Manuel, with her wash-
board abs, is a delight to watch on the
ramp. Her face is her fortune but she’s
equally at ease with the spatula too.
No wonder she whips up this delightful
dish from a recipe that’s been given to
her by her mother
MMAAMMAA MMAANNUUEELL’’SS PPRRAAWWNN FFRRYY
(Serves two)
220000 ggmmss pprraawwnn
33 oonniioonnss
22 ttoommaattooeess
11 llaarrggee ppoottaattoo
22 sslliitt ggrreeeenn cchhiilllliieess
½½ ttsspp cchhiillllii ppoowwddeerr
½½ ttsspp ttuurrmmeerriicc ppoowwddeerr
JJuuiiccee ooff oonnee lliimmee
SSaalltt ttoo ttaassttee
CChhooppppeedd ccoorriiaannddeerr ttoo ggaarrnniisshh
Marinate the prawns in
turmeric powder, chilli powder,
lime juice and salt for half an hour. Fry
and keep aside. Finely slice the onions,
deep-fry until golden brown and add
slit green chillies. Remove from stove
and keep aside. Cut potato into small
chunks and fry until brown. Add the
fried prawns, onions and chillies to the
potato and fry together for five
minutes. Add sliced tomato on top.
Turn gas off before the tomato goes
soggy. Garnish with lots of chopped
coriander. �
VV ii kk rr aa mm BB aa ii dd yy aa nn aa tt hh
TASTE WITH HASTE Vikram Baidyanath, CEO of the
Baidyanath Group, may be a busy en-
trepreneur but says that cooking de-
stresses him. A self-confessed health
freak, he believes in eating nutritious
food that’s equally tasty.
PPRROOTTEEIINN--CCAARRBB DDEELLIIGGHHTT
44--55 cclloovveess ggaarrlliicc
11//44 ttsspp ggrraatteedd ggiinnggeerr
11//44 ttsspp ccuummiinn
AA ggeenneerroouuss ppiinncchh ooff ttuurrmmeerriicc
ppoowwddeerr
SSaalltt ttoo ttaassttee
11 ttsspp mmuussttaarrdd ooiill
11 mmeeddiiuumm--ssiizzee ttoommaattoo
44 mmeeddiiuumm--ssiizzee ppoottaattooeess
33 hheeaappeedd ttbbsspp ssooyyaa ffllaakkeess
11 hheeaappeedd ttbbsspp ooff ccoorriiaannddeerr
Boil the potatoes, peel and dice
them. Keep aside. Put the soya flakes in
boiling water for a minute and then
drain out the water. Pour mustard oil in
a heated pan and let the oil heat. Add
the cut garlic cloves, saute for a minute.
Add the cumin seeds and wait till
they turn brown. Then add the diced
potatoes along with the chopped
tomato. Add turmeric powder and gin-
ger, saute for two minutes and add
the soya flakes. Saute for a minute.
Garnish with coriander �
MM ii kk ee KK nn oo ww ll ee ss
DESIGNED TO EAT Interior architect Mike Knowles
may run a successful design con-
sultancy firm but he’s equally
adept in the kitchen.
SSPPIICCEE--EENNCCRRUUSSTTEEDD SSOOLLEE
½½ kkgg ssoollee,, cclleeaanneedd aanndd lliigghhttllyy
ssaalltteedd
22 ttbbsspp ssuummaacc ((aavvaaiillaabbllee ffrroomm
ffoorreeiiggnn iinnggrreeddiieenntt ssttoorreess))
PPiinncchh ooff oorreeggaannoo
PPiinncchh ooff ccaayyeennnnee ppeeppppeerr
Heat a skillet, lightly smear
with olive oil. Coat the sole in
the spices. According to thick-
ness, roast the sole for 2-4 min-
utes each side. Serve with Jamie
Oliver’s asparagus, game chips
and crisp mixed salad.
SSiiddee ddiisshheess
For Jamie Oliver’s asparagus,
remove the fibrous ends of the
asparagus (how much depends
on how good you want the end
result; in Delhi, I end up wasting
at least half the spear). Heat 4 oz
of butter in a pan. Broil the as-
paragus in the butter for four
minutes after which add a quar-
ter pint of chicken stock and boil
for a further two minutes.
For the game chips, cut large
potatoes with their skins into
sizeable wedges. Parboil for five
minutes and then fry in very hot
oil. Arrange the fish onto the
plate, carefully pile on a portion
of game chips and top with as-
paragus. �
O C T O B E R - D E C E M B E R 2 0 0 9
C O O K I N G
36
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