GURU SPEAK - “Indian banks just can’t enter the US or any market without proper standards in place”

Bimal Jalan, former Governor of RBI, and currently member of Rajya Sabha, in a free wheeling conversation with 4Ps B&M’s deepak ranjan patra, shares his view on the course of Indian banks. How is the current economy impacting the Indian banks and what was it that helped them show good performance, even during the slowdown. As a banker who has always kept a close watch on the exchange rates, he speaks about the opportunities present in the domestic market and what is it that Indian banks should keep in mind before going global. Excerpts:

4Ps B&M: Do you think that this is the right time for Indian banks to expand their global muscle?
BJ: It depends. Some are going global anyway. But then, that is to be done with a long term perspective. If they are doing so, they must follow sound banking norms. The Indian banks just can’t enter the US or any other market without proper standards in place. The banks, which are going abroad, need to be careful.

4Ps B&M: Do you mean they should be careful in making global acquisitions?
BJ: It is not fair to generalise. There are big as well as small banks. So, it’s a mixed experience. However, this is more of a bank’s management decision. But as far as policy is concerned, there is no negative view of the banks, which want to expand abroad. But there are two parameters, which need to be followed (in case of going global), first, the bank has to be strong in India and second, it must follow the regulatory system of India, so that the main company remains totally safe and sound.

4Ps B&M: Where do you think the opportunity lies for Indian banks now?
BJ: It is within India itself. As such the banking sector in India is not fully developed. The number of banks (and branches) are much less than what they actually should be. There is ample opportunity in the rural areas, which has not been properly tapped till now. So, it is the large size of the untapped Indian market, which provides tremendous opportunity for the banks.
4Ps B&M: What has been the impact of the global slowdown on Indian banks?
BJ: The Indian banking industry has come out really well. Not only has the Indian banking industry come up stronger after the recent slowdown in the economy, but has also shown good growth figures. In fact, it’s the careful approach that has worked in favour of Indian banks. Moreover, RBI’s strict policy stance has provided banks the much needed safe haven against the slowdown.

4Ps B&M: While India Inc. is talking about a slowdown in the economy, the recent quarterly results are showing a sign of recovery. What does this mean for Indian banks?
BJ: First, let’s talk about the economy. The signs are absolutely positive. Whether it’s 5.5% or 6.5%, we still are showing the second highest growth rate in the world. Therefore, the recovery is also coming faster. This means good news for the banks as well.

4Ps B&M: Do you see any particular concern, which should be taken care of by the government?
BJ: No, there are no concerns. But yes, there are priorities that should be noted and kept in mind. Since the trouble is worldwide, what should be controlled is the cost of borrowing funds. The lower the cost, the better it is.

4Ps B&M: Given the present economic conditions, is there a scope for further rate cuts by the central bank?
BJ: Definitely. The demand is high and it needs more push. The difference between RBI’s main rates like the repo rates, reverse repo rates, BPLR, SLR is still very high. So yes, there is still scope for further rate cuts.

4Ps B&M: But, even if the RBI reduces the key rates, many times banks do not pass it on to consumers. Comment.
BJ: The RBI is the lender of last resort. There has been a lot of misunderstanding about RBI’s rate cuts. The rate cuts done by RBI are actually symbolic in nature. Banks don’t depend on the RBI rates for financing their business. The main ingredient in determining the bank rates is their own deposit rates. They have come down, but are still higher than the RBI rates.

4Ps B&M: If you are asked about one significant requirement in the Indian banking industry that you want the regulator to address...
BJ: There are two different things that need to be addressed. The first one is that the Indian banking system should be aware of the international system of doing things and should be prepared to face any kind of requirement set by that. The second one is that Capital Adequacy Ratio matter should be addressed in such a way, that the risk-averse nature of Indian banks remains intact. So, it’s like providing growth opportunity along with increasing the systematic risk taking ability. It’s a delicate issue, which needs proper supervision.

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Source : IIPM Editorial, 2010.

An Initiative of IIPM, Malay Chaudhuri and Arindam chaudhuri (Renowned Management Guru and Economist).

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...AND THEY FOUND A SMART CONNECT

In 2007, Nokia’s market share had slipped in the face of hungry rivals. But the handset giant used the slowdown as an opportunity to stage a comeback...

Okay, so the slowdown in India has not bothered the telecom players much. Yet, enhancing your market share by a whopping 10% (as per the 2009 Voice&Data Gold Book) within the year – and that too in the face of mean and hungry rivals – is no mean feat. And that’s precisely what Nokia India is going to town about.

“We have been committed to develop the market for mobile telephony and deliver the best ‘value mobile experience’ to customers across the nation’s geography,” Vineet Taneja, Marketing Director, Nokia India told 4Ps B&M. Taneja says that the handset major had realised early that the global meltdown would have little impact on the lower rung of the market. With the result that Nokia strategised accordingly and continued to focus heavily on their rural strategy by packing in features relevant to the customers in that segment.

For example, when a recent Nokia survey in emerging markets informed the company that ‘mobile phone sharing’ was a hot trend among existing and potential consumers, Nokia launched a slew of entry level phones with multiple phonebooks to make it easier for the users to share their mobile phones. The move turned out to be a key ‘wow factor’, particularly for India’s price sensitive joint families and sales are following suit. To deal with erratic power supply in far flung areas, some entry level phones even came with the ‘power saver mode’, allowing consumers to extend their talk time without running out of battery.

Not that they ignored their primary urban and semi-urban markets though. They have spiced up the smart phone market with a slew of launches over the last year, including the QWERTY-keyboard laced E75 and the stylish touchphone N97. The year also saw the Finish giant make a conscious effort to reposition itself as a service and solutions provider rather than a plain vanilla handset company. The more visible effects of the same have been the launch of Ovi services (on the lines of Apple’s App store) in the Nokia N97 and other forthcoming high end models that would enable the users to download a host of applications and customise their mobiles phones as per their individual preferences. In line with their new rural focus, Nokia has big plans for India’s hinterlands even in the service space. They’ve launched a service called Nokia Life Tools solution which offers agriculture related news, daily weather updates, apart from routine advice and tips to subscribers. For a slightly higher cost, subscribers can even monitor the closest market prices of three chosen crops.

Of course, reams have been written about how consumers turn to trusted brands during a slowdown and perhaps Nokia’s increased market share is simply a reiteration of its long standing reputation in the Indian market. Whatever the reason, gaining ground in these troubled times, especially when many other players have been losing market share, is worth an ovation. Do we hear some claps?

Surbhi Chawla

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Source : IIPM Editorial, 2009

An Initiative of IIPM, Malay Chaudhuri and Arindam chaudhuri (Renowned Management Guru and Economist).

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Fun for you, but they mean business

With over 90,000 members MHRIL is set for big move, but the road ahead is bumpy, says Neha Saraiya. Nevertheless, you enjoy your holidays, that’s all they want...

“Yes, the land is under litigation. But we are staying crucial financially. As we think we have a very strong case in Munnar property and above all we are proud of our resort as it is the first resort that we had set up,” gushes an effervescent Ramesh Ramanathan, MD, Mahindra Holidays and Resorts India Ltd (MHRIL). (For those who don’t know much about the whole episode, on July 3, 2007 an order was passed by the Sub-Collector, District of Devikulam canceling the assignment of the Munnar land to the company stating “it as an agricultural land.”)

But then the days have changed, today MHRIL has a rock solid number of members, 91,997 (as on May 31, 2009), and the list is growing at a CAGR of 32%. What’s more interesting is that the same Munnar resort now contributes around 2.17% to the overall revenues of the company (FY ‘09).

However, what has done a wonder for this holidaying arm of the Anand Mahindra Group is its unique business model. The company has an integrated model, which takes care of all its operations – marketing, acquisition of land, servicing of clients, providing value added services, and resort operation et al – under one entity. Thus this mixed business model not only enables the company to tone down the cost of operations considerably, but also provides an edge when it comes to adoption of a change. Probably that’s the reason for which the recent downturn that left all major hospitality players in despair, could not dent MHRIL much.


Ramanathan avers, “We are a company that is totally focused on domestic tourism. That is why we are in a way safe from global recession. Although we lost in the third quarter of last year, we covered it in the fourth quarter by focusing on customers, who have not been affected much by the slowdown like doctors, lawyers et al.” This can be well substantiated from the fact that almost all resorts of the company witnessed an occupancy rate of around 75% last year (69% members and 6% by non members). The company even successfully rolled out is Initial Public offer (IPO) last month for the expansion of some of its resorts and setting up of new projects to support its expansion strategy.

So is it all so good with MHRIL? Well, not exactly. There are few issues encompassing the credibility of the company. And the first one comes from its membership agreement. It is a long service obligation on part of both the company and its customers as the membership duration lasts for as long as 25 years where in the admission fee (60% of the total cost) and the entitlement fee (remaining 40%) needs to be paid on EMI basis. This is not only a burden on the part of the consumers for a quite elongated period, but also an obligation on the company to maintain its resorts for that stated time. The second problem for the company comes from the issue of demand seasonality and dependence on travel industry. Explains an industry analyst from Angel Broking, “The company relies on discretionary spending by consumers, which is a lot vulnerable to economic cycles.”

Meanwhile, in order to expand their portfolio now they are even looking at branding of their Spas, ‘Swastha’, so that it can be extended to cities as well. But how will that be possible when the company does not even have a pan India presence? Well, Ramnathan answers, “Currently we have around 23 resorts, but we have bought land in many parts of the country. Our focus will be to grow in India.” Presently MHRIL has resorts in the west and northern India only. Thus the challenges are humongous, but then that does not stop Ramanathan from dreaming big for his company, at least not at a time when the travel and tourism industry is set to contribute 8% to the Indian GDP.

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Source : IIPM Editorial, 2009

An Initiative of IIPM, Malay Chaudhuri and Arindam chaudhuri (Renowned Management Guru and Economist).

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AGRARIAN DREAMS

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Another area where the Mittal brothers are hunting for jewels is agri-business. Under full charge of the eldest in the trio, Rakesh Mittal, Bharti Del Monte is engaged in exporting fresh fruits and vegetables via the FieldFresh brand. Besides being the largest exporter of fresh baby corn in India, FieldFresh supplies fresh fruits and vegetables to modern retailers like Big Apple and its own retail venture, Easyday. The JV is now also flexing its muscles in the domestic market, with the recently launched Del Monte range of processed foods and beverages - including packaged fruits, ketchups, fruit drinks and range of Italian products. The Indian processed food market stands at a whopping $65 billion and is poised to grow at an annual rate of 12-15%. Translated for the Bharti Del Monte JV this promises a huge growth potential. So could the agri-business be Bharti’s next big leap?

“I don’t think so,” says Shushmul Maheshwari, CEO, RNCOS. His reasoning is based on the lack of a masses strategy so far in the business. Airtel has largely succeeded on the back of strong reach, accessibility and affordability. It reaches high end to low class consumer segments. Del Monte’s range of products, on the other hand, have a premium pricing as they are importing their entire range. He believes that Bharti’s premium pricing is to avoid the present cost pressures.

Perhaps Rakesh Mittal has a similar inkling. He plans to invest Rs.100 crore over the next year to set up a food processing facility at Hosur in Tamil Nadu. Bharti Del Monte would be able to churn out processed foods and beverages from here by 2010. That perhaps could be the Mittal ticket for a masses-led strategy and eventually market dominance. But even then, the road does not promise to be smooth. Bharti does need to deal with the intrinsic challenges of agri-business beyond its control like variations in quality of produce, APMC regulations, lack of standardisation, small land holdings, poor storage and transport infrastructure, et al. So that’s perhaps another cross!

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Source : IIPM Editorial, 2009

An Initiative of IIPM, Malay Chaudhuri and Arindam chaudhuri (Renowned Management Guru and Economist).

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No snoring please...

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Brand: Tata Tea
Agency: Lowe

Tata Tea’s Jaago Re! campaign was launched in association with Janaagraha (an NGO) to encourage Indians, especially the youth, to exercise their voting right. The effort has paid off as Tata’s have gathered a billion registrations on their website – www.jaagore.com. And registrations mean valued consumer data :-)

An Initiative of IIPM, Malay Chaudhuri and Arindam chaudhuri (Renowned Management Guru and Economist).

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Neha Saraiya analyses in this delightful report on how Sony India reached a fantastical 25% growth... and on what ‘Sonus’ means!

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The acronym Sony has been derived from Sonus, the Greek goddess of sound. It just seems that this Fortune 500 company might just require all the godly help in the coming quarters given the latest financial projections that Sony has churned up! The company is all set to post an operating loss of $2.9 billion. In the current era where there’re innumerable companies posting losses year after year, does this come as a surprise? Umm, yes, if you look at this from the perspective that this is Sony’s first reported yearly operating loss in a huge 14 years. Add to that the gift of a lack lustre business environment and various other factors like intensification of price competition, restructuring charges and deterioration in equity in net income of affiliated companies, and you have the acerbic daughter of miseries ready to take you out on a date. But really, this story is not about Sony globally, but about Sony India, and how their date is lined up with the miseries of economies.

The scenario for Sony in India, one has to accept, is quite contrary to global conditions. Firstly, because the slowdown in India – though seemingly persistent – is finally simply a slowdown and not a recession. And secondly, if you thought that summer is the time for only cola majors to introduce cheeky, new ‘models’ and drinks, then you have no idea what Sony India is up to. Sample this and pop your eyes out. While Sony India saw a thundering growth rate between 20-25% (averaged across various product segments) in the year 2008-09, despite the slowdown their forecasts predict that growth rate will more or less continue to range between the super levels of 15-20% for this coming season. But Masaru Tamagawa, Managing Director of Sony India, is devastatingly honest, “Sony is analysing trends category-wise rather than simply looking at the overall growth. Thus, in FY09, the categories that will continue to grow or shrink will become more obvious.”

But isn’t this akin to painting a glorious Neroistic picture when Rome all around seems to be burning? For starters, what about segments like the consumer audio visual segment, which overall seems to have taken the biggest hit across the industry? Tamagawa reticently accepts and shares detail with us, “Yes, market growth in the segment, which had been approximately 10% in the past few years, might slowdown further.”

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Source : IIPM Editorial, 2009

An Initiative of IIPM, Malay Chaudhuri and Arindam chaudhuri (Renowned Management Guru and Economist).

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Canon Pixma MP145

IIPM Programme :- SUPERIOR COURSE CONTENTS

Technical Specification

7-segment LCD display Photo Lab Quality, High Quality; 2 pl ink droplets and 4800 dpi* (Vibrant Colours, Minimal Grain ); “FINE Cartridge” for superior Image Quality with CHROMALIFE 100 for long lasting prints; DUAL COLOuR GAMUT PROCESSING TECHNOLOGY (For Second Copy to optimise quality ), BORDERLESS Prints Upto A4 Size
PRICE: Rs.5,995
WARRANTY: 1 year (on site)

MP145 has a classy-looking white (titanium white) exterior, which is quite different from its other generation models. “As compared to MP160, it is low-priced and offers low prices cartridges, the PG-830 & CL-831,” asserts a confident Sanjeevan, Assistant Director CSP. It comes with a USB interface cable and has designer software with Photo Editing Easy LayoutPrint for both Windows & Macintosh formats bundled with the needed equipments. Since all the consumers using the product will get lab quality BORDERLESS prints at low price along with option for high capacity cartridges, this is certainly a lucrative offer for them. Its high printing speed of 20/15 cpm (Blk/Col), copy speed of 19/15 cpm (Blk/Col) is an additional feature that enhances the offering as such. The printer is compact and has a Stylish Print Scan & Copier with fully supported 100 Sheets Tray.

Marketers’ delight: It cuts down on complicated key assortments and makes handling easy.

Tester’s note: Pros – Terrific speed of printing, high in quality photo prints, fast and good copying, fast scanning abilities. Con – Has no pictbridge.

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Source : IIPM Editorial, 2008

An Initiative of IIPM, Malay Chaudhuri and Arindam chaudhuri (Renowned Management Guru and Economist).

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DELL XPS M 1530

Now IIPM's World-Class Education... for everybody!!

Technical Specification

Operating System: Microsoft Windows Vista Home Premium; Processor Name: Intel Core 2 Duo T7500; RAM: 2 GB; Screen Size: 15.4 inches; Graphics Card: nVidia GeForce 8600M GT; Storage Capacity: 160 GB

PRICE: Rs.49,900;
WARRANTY: 1 year

M1530, being the middle child in the XPS family, fills the gap between M1330 and M1730 quite brilliantly while maintaining the sleek metallic finish and stylish chassis that made M1330 so alluring. It is light enough for short trips at 6.2 pounds – with a nine-cell, 85-Wh battery. The M1530 comes with two battery options: an extended nine-cell battery (85-Wh) and a six-cell battery that offers less-than-spectacular battery life (2.75 hours). The notebook is loaded with premium features like fingerprint reader, and design accents like touch-sensitive multi-media buttons, brushed aluminum accents and comes in a variety of urbane colors. It is also one of the initial laptop to have a slot-loading Blu-ray burner. An upbeat Girish Mehta, Director-Cons. Mktg., Dell India says, “The XPS1530 is targeted at customers who want the latest features and high performance and at the same time appreciate fashion...”

Marketers’ delight: Multi-media enthusiasts will love the optional Blu-ray disc drive and noise cancellation ear buds, and travel remote that stores away in the ExpressCard card slot.

Tester’s Note: Pros – Dell’s MediaDirect and Instant Office technology offers fast one-button access to music, movies, and pictures, as well as calendar items and contacts, without booting the system up.

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Source : IIPM Editorial, 2008

An Initiative of IIPM, Malay Chaudhuri and Arindam chaudhuri (Renowned Management Guru and Economist).

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Opening up the discount window to investment

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Opening up the discount window to investment banks, announcement to auction $200 billion of US treasuries for certain mortgage-backed securities, unleashing a fiscal stimulus package, a $150 billion tax rebate package et al apparently imply that US does not enjoy the luxury of waiting for markets to stabilise before thinking about the future. The fact is US is plagued by profound errors in risk management. The IMF has already shaved its forecasts for growth in the global economy; and the downbeat analysis has further created a gloomy backdrop for policymakers across the globe.

The ongoing debate may continue, but in the final analysis, it needs to be figured out how hard the landing will be in the US. When it happens, policy makers will also have to analyse whether it will prove to be a V, U, W or L type of recession, and act accordingly, for the sake of the world at large. After all, how the other economies fare in this period will depend to a significant extent on the US situation. So the Fed has to be ready with all the parachutes it can spare...

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Source : IIPM Editorial, 2008

An Initiative of IIPM, Malay Chaudhuri and Arindam chaudhuri (Renowned Management Guru and Economist).

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JAMES MURDOCH - Son of a gun

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JAMES MURDOCH
Son of a gun

James Murdoch, the son of the world’s biggest media mogul Rupert Murdoch, has all the qualities to be the appropriate heir of News Corporation and take the legacy forward that his father has established. His father has always been appreciated for bold moves and radical thinking, but James is more of a consolidator. Having said that, I don’t mean that with James as its steer, the aggressiveness of News Corp. will slow down. In fact, it will mature with a blend of aggressiveness and out of box thinking.

James has an increasingly growing focus on the Indian market and it’s simply a strategy to grab a pie of the budding market in the country. Some of his early games in India worked out well. But in the 21st century he has not been able to deliver strongly in the Indian market. However, I feel that he has all the capabilities to take the group forward both globally and in India.

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Source : IIPM Editorial, 2008

An Initiative of IIPM, Malay Chaudhuri and Arindam chaudhuri (Renowned Management Guru and Economist).

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The next Generation of Terror

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When British police broke down Younis Tsouli’s door in October 2005 in a leafy west London neighborhood, they suspected the 22-year-old college student, the son of a Moroccan diplomat, of little more than having traded e-mails with men planning a bombing in Bosnia. It was only after they began examining his hard drive that they realised they had stumbled upon one of the most infamous – and unlikely – cyberjihadists in the world. Tsouli’s online username, as they discovered, was Irhabi007 (“Terrorist007” in Arabic). It was a moniker well known to international counterterrorism officials. Since 2004, this young man, with no history of radical activity, had become one of the world’s most influential propagandists in jihadi chatrooms. It had been the online images of the war in Iraq that first radicalised him. He began spending his days creating and hacking dozens of Web sites to upload videos of beheadings and suicide bombings in Iraq and post links to the texts of bomb-making manuals. From his bedroom in London, he eventually became a crucial global organiser of online terrorist networks, guiding others to jihadist sites where they could learn their deadly craft. Ultimately, he attracted the attention of the late leader of al Qaeda in Iraq, Abu Musab al-Zarqawi. When British police discovered him in his London flat, he was serving as Zarqawi’s PR mouthpiece on the Web.

Tsouli’s journey is representative of the wider evolution of Islamist terrorist networks today. Since Sept. 11, 2001, the threat confronting the West has changed dramatically. The enemy today is not a product of poverty, ignorance, or religious brainwashing. The individuals we should fear most haven’t been trained in terrorist camps, and don’t answer to Osama bin Laden or Ayman al-Zawahiri. They often do not even adhere to the most austere and dogmatic tenets of radical Islam. Instead, these are homegrown wannabes – self-recruited, without leadership, and globally connected through the Internet. And their lack of structure and organising principles makes them even more terrifying and volatile than their terrorist forebears. the new face of terror

The five years between Osama bin Laden’s 1996 declaration of war against the US from his safe haven in Afghanistan to the attacks of 9/11 were the “golden age” of what could be called al Qaeda Central. Those days are long over, but the social movement they inspired is as strong and dangerous as ever.

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Source : IIPM Editorial, 2008

An Initiative of IIPM, Malay Chaudhuri and Arindam chaudhuri (Renowned Management Guru and Economist).

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Pakistani nukes

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Therefore, there is a growing feeling that Pakistani nukes (about 40-50) can fall into the wrong hands. But then, there is the other side of the argument. The pro-Pakistan experts think that India is deliberately raising concerns as it wishes to take advantage of the fact that President Musharraf is in trouble today. A.H. Nayyar, Visiting Fellow, SDPI, an Islamabad-based independent think tank, explains “The safety of nuclear weapons is seen in two ways. The first security is ensured by building an elaborate lock and permissive-action system. Pakistan has many such systems and the nuclear weapons are perhaps pretty secure. The second safety is ensured by layers of security and personnel-profile system.”

Seconding such feelings is none other than Pakistan’s close ally, the US. America’s Admiral Mike Mullen recently said that “I am very comfortable that the nuclear weapons are secure, and that proper procedures are in place. I am not concerned that they are going to fall into the hands of any terrorists.” A global journal, Stratfor, went a step further: “Pakistan’s nuclear weapons are already under American control. Musharraf, for credibility reasons, had every reason to cover up and pretend it never happened, and Washington was fully willing to keep things quiet.”

Leonard Spector, Deputy Director, James Martin Center for Non-Proliferation Studies thinks that “the risk of weapons falling into rogue hands is slight. Pakistan’s weapons are under the control of the military and even if the country descended into chaos, the military’s line of authority would remain in place. I think the military for the moment has a lot of coherence and solidarity. I think the cadres that actually protect the weapons and guard the sites are fairly disciplined and, for the last five years or so, I think they’ve been better trained and individuals with Islamist leanings have been called out. I think this is a cause for watchfulness, but I would not say alarm.”

For more articles, Click on IIPM Article.

Source : IIPM Editorial, 2008

An Initiative of IIPM, Malay Chaudhuri and Arindam chaudhuri (Renowned Management Guru and Economist).

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Fashion on the rocks

IIPM : EXECUTIVE EDUCATION

Rocky S reveals his designs...

“Having a fashion week signifies that ‘fashion’ in that particular country is an organised industry, ready to break into international markets and reach out to a much wider market.

Wills Lifestyle India Fashion Week (WLIFW) and Lakme India Fashion Week (LIFW) pretty much work hand in hand where models, branding, participation rates etc. are concerned. They differ in terms of international buyers and overall reach, wherein the WLIFW seems to be a little ahead because of its affiliation with FDCI. However, the LIFW is just as well organised, and shows are held for select designers internationally (Singapore, New York etc) so both have certain aspects in which they’re different.

I have participated in both, and, as said earlier, both work hand in hand. I showcased my Rocky S ‘noir’ line at Delhi and then did a small preview for the launch of my kids wear line in Mumbai. However, where business and exhibition stalls are concerned, I have been leaning towards Wills Fashion Week from the past two seasons as I am also a fellow member of the FDCI.

World hold on!
Both fashion weeks are working towards getting to the international level. Lakme Fashion Week has more shows internationally, whereas Wills Fashion Week has a considerably wider reach where international designers/buyers are concerned...so both should evolve with time as infrastructure and understanding of the fashion industry gets better in India.

Designs beyond borders
Indian fashion is slowly but surely moving towards the international level, which means forecast, trends etc are followed universally. However, where climatic differences are concerned, designing keeping international buyers in mind, is not entirely a very risky process. Designers can always make a separate concise sample line which they feel will suit a particular international market, over and above their signature line. It is certainly worth the investment.

Technical knick-knacks
I think the ‘openness’ & ‘acceptance’ of government policies in India towards the fashion market are admirable. However the application process, infrastructure etc. need to be quick-paced, specialised and organised to facilitate evolution of the fashion industry in India.”

Neha Sarin

For more articles, Click on IIPM Article.

Source : IIPM Editorial, 2008

An Initiative of IIPM, Malay Chaudhuri and Arindam chaudhuri (Renowned Management Guru and Economist).

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Premium Brand

IIPM : EXECUTIVE EDUCATION

AKRAM HOQUE says that Unitech’s Sanjay Chandra was among the first to market complexes as premium & semi-premium products

There is a saying ‘when luck follows you, destiny is at your feet’. Whether it is luck, destiny, or strategic decision-making, real estate giant Unitec’s Chairman Ramesh Chandra has made his debut in the Forbes list of India’s richest self-made billionaires. And one of the three MDs of the company, Sanjay Chandra, the son of chairman Ramesh Chandra, is largely credited with catapulting Unitech group from a family-run business into a professional empire. His entry into the business marked a transformation that made Unitech a national player to reckon with – and at par with the likes of DLF.

“It feels good but there is still so much to learn from the veterans of the trade,” says Sanjay. He adds, “my mantra is to work diligently towards sustaining Unitech as one of the leaders in the sector and to contribute to the real estate business at large. The team at Unitech shares the common vision and has contributed to growth. It is the collective effort of the team.” But modesty apart, he seems to have learnt fast in the recent past, and has ventured quite ahead in achieving his strategic objectives.

For example, when he joined Unitech in 2001, the real estate sector in India was still recovering from 1997-2001 crash, prices in most areas were flat, and the business was unorganised and unexciting. Plots and apartments were still sold as commodities. However, Sanjay was among the first to market complexes as semi-premium or premium products. “I joined as the business development manager and my first project was Unitech World City, which was one of the first branded products. What I concentrated on was to create a unique and distinct image for Unitech’s complexes,” he explains.

Over the next few years, Sanjay focused on issues relating to branding, and finding ways to create a distinct and unique image for Unitech. “I think packaging made a difference to two products – UniWorld City and Nirvana Country. Packaging and positioning became the key differentiators.” In fact, all real estate developers adopted it in the subsequent years. Today, even the smallest of the players use the advertising & marketing tools to establish their constructions as products in buyers’ minds.

Sanjay’s biggest business challenge was the Noida mall project, which is spread over 1 million sq. ft. and has the largest number of retailers compared to any other mall in the area. Initially he thought of a mall of 200,000 sq ft, just like other builders such as DLF and MGF had done before. But then he started thinking a bit bigger. He met small retailers and persuaded them to buy/rent space in the proposed project. Although it was tough to handle both internal and external stakeholders, he succeeded.

For all his achievements, it is quite ironic that Sanjay was not inclined to join the family business. Born and brought up in Delhi, he left the country after his schooling in Modern School, Vasant Vihar, Delhi. He completed his graduation in business and administration from Massachusetts University, and preferred to stay back in the US as he wanted to do something on his own. He started an apparel business, importing clothes from India to supply to large US brands like Macy’s and Gap, and ran it for a few years.

The garment business boomed; in 1990, the turnover was $14-15 million, which was higher than Unitech’s. But he says that his love for the nation and an intention to finally settle down in Delhi forced him to return. In addition, garment exports became tougher due to increasing competition and a fragmented and unorganized supply chain. “We are no longer into exports. After my two kids were born, I shifted to India.” It marked the beginnings of another success story – in organised retail and real estate.

Like many NewGen promoters, Sanjay is busy with work, but still manages to be with his family whenever he gets the time. Ask him about his personal life, and he replies: “I met Preeti, a fashion designer, through friends almost 15 years ago. We have now been married for 11 years and have 2 children, Trisha (aged 9) and Karan (6 years).” He works ten hours a day and loves to visit places like Goa and Phuket for holidays.

Like most NewGen promoters, Sanjay, being young and enthusiastic, is a sort of a risk taker. Fortunately, Unitech has evolved with time and accepted changes as and when they happened. “Risks are involved in everything we do. One has to plan taking all risks into consideration and with contingency plans. Young people do take risks but the risks have to be coupled with prudence,” he cautions. His father, Ramesh, provided the prudence required to save the group from adverse business shocks.

Using foresight and thorough planning, Unitech recently replaced IPCL as a Nifty index stock, and became the first realty firm to be included in the list. It is also the sole representative of the sector to be listed on the National Stock Exchange. With a land bank of over 10,600 acres (as in September 2006), Unitech is now expanding in many of the fastest-growing cities in the country. Also, Unitech’s diversified portfolio is growing, both across products and across geographies. It is slowly acquiring a pan-India presence.

As real estate sees a tectonic transformation from being family-owned to becoming professional, Sanjay seems to be in the right place at the right time. The resident director of CREDAI, G.P. Savlani, agrees, “Recent policy changes have brought in transparency in the business. Family-run businesses are, therefore, corporatising their businesses.”

However, he still needs to tackle new challenges that are looming on the horizon. Urban areas are getting saturated, and Ramesh will have to, with the same prudent aggression, establish in small cities. The fact is that real estate is still highly-unorganised and the lack of regulators makes it difficult to inculcate professionalism. Although there are enormous opportunities, large business houses like Reliance, A. V. Birla and M&M are eyeing both real estate and retail. Their aggressive entry can spell trouble for focused realtors like DLF and Unitech. Policy changes too could derail business plans. Concludes Pavas Bhatia, analyst, KSA Technopak, “In real estate, it takes a long time to reach break even point and in family-run businesses, it becomes crucial that Generation Next is efficient enough to make profits. On this ground, Unitech can rest assured as they have Sanjay Chandra who knows the rules of the game.” In fact, he should also be prepared for new games.

For more articles, Click on IIPM Article.

Source : IIPM Editorial, 2008

An Initiative of IIPM, Malay Chaudhuri and Arindam chaudhuri (Renowned Management Guru and Economist).

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Working for a noble cause

IIPM : EXECUTIVE EDUCATION

Pachauri has punctured laziness on climate change

This year, Rajendra K. Pachauri, renowned energy economist and head of the UN, Intergovernmetal Panel on Climate Change did India proud by making the Norwegian Nobel Committee acknowledge his organisation’s yeoman service to mankind & award it the Nobel Prize. Pachauri played a crucial role in getting about 2,500 scientists from across the globe, to bring out four reports on effects of climate change on our planet. Towards end of the year, he was instrumental in making the heads of governments of 188 countries, including the US, think seriously, on saving Earth.

For more articles, Click on IIPM Article.

Source : IIPM Editorial, 2008

An Initiative of IIPM, Malay Chaudhuri and Arindam chaudhuri (Renowned Management Guru and Economist).

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From low birth rate to depression

IIPM’s 36th Glorious Year of Academic Excellence

Albeit the economic one, is waiting for Europe today....

The world population never before had a paradox like this. While the population of the world is increasing a fast pace, Europe is experiencing a major reduction in its population growth rate. Birth control or the lack of offsprings is no more a family issue, as it has emerged as threat to future of European economy.

While greater professional opportunities for women have substituted motherhood, reports state that even young men are reluctant to have their own family. This is not an isolated incident but is a phenomenon which has spread like wildfire in Europe leading to one of the lowest birth rates in the world over decades in history; the birth rate is 1.2 per women in Czech Republic, Slovenia, Latvia and Poland, far below the requisite 2.1, while Greece, Italy and Spain have below 1.3 birth rate for a decade.

For long, it was assumed that population is nothing more than a big burden for any nation. Yet in the recent past, the resurgence of India and China driven by the power of their market economy and prospering population, has vindicated the perception that an economy is nothing, unless there is an ever increasing population of consumers. The decreasing population in Europe might not seem to be a problem for the time being, as in the age of automative production and outsourcing, it hardly would have any impact on production from Europe. But the real problem is the problem that is building up for the future. With a reduced consumer population and shrinking economy, would Europe be able to take the burden of its increasingly greying population in the future?

For more articles, Click on IIPM Article.

Source : IIPM Editorial, 2008

An Initiative of IIPM, Malay Chaudhuri and Arindam chaudhuri (Renowned Management Guru and Economist).

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Rajasthan

IIPM’s 36th Glorious Year of Academic Excellence

From camels & forts to hi-tech industrial setups, ratan lal bhagat explains why this state is truly incredible!

Rugged forts, vibrant colours, exotic food, amicable people, ‘Palace on Wheels’, and not to forget the land of the Indian Premier League Champions – all these aptly describe the land of brave Rajputs and one of the fastest growing states of India, Rajasthan. Being a cynosure with its landscape beauties to the flock of 24.3 million tourists from around the world, it has also turned out to be a basket full of business opportunities.

But Rajasthan is not just about tourism. It’s also about business plans. Road mapped in the conviction that sound infrastructure drives investment has actually worked for this state. The state has a well-developed infrastructure. Agriculture, with 16.3 million tonnes and 3.9 million tonnes of cereal and oilseed production, respectively has major players like ITC, Reliance, Dabur et al investing. The state contributes to 16% of India’s cement production (with investments from players like Birla Cement, ACC cement, Kajaria et al). “We shifted to Rajasthan mainly because the law here was better which is very important for investment. Conducive business environment, positive approach at all levels and fiscal incentive policies available in the state are also helpful,” testifies Ashok Kajaria, CMD, Kajaria Group.

Auto and the auto components industry is also growing as the state enjoys a close proximity to the major auto production hubs in the country. About 70 such units are already operational in the Bhiwadi region in Alwar with an SEZ being developed in the region. “We, as Honda, would like to strongly recommend Rajasthan to all potential investors,” N. K. Goila, VP and Director, Honda Siel Cars India asserts. Then there is the textiles industry which grabs 20% of the investment pie and gems and jewellry industry which constitute 17% of India’s exports. The state also has a huge pool of talent with 20,000 engineers graduating from 64 engineering colleges in the state last year. IT Parks with special infrastructure have been set up at Jaipur, Jodhpur, Kota and Alwar. Add to that the approval of setting up 5 SEZs with an investment of Rs.165.15 billion 2007, and we have a hi-tech state with thriving industries, of which tourism is just one!

For more articles, Click on IIPM Article.

Source : IIPM Editorial, 2008

An Initiative of IIPM, Malay Chaudhuri and Arindam chaudhuri (Renowned Management Guru and Economist).

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