In a winter world - Kotak Mahindra BankNilesh Shah on the Indian market 14 WHEELS God of all Bikes...

www.privyleague.com october-december 09 issue 3

A Magazine from

In a winter worldTravel, Bikes, People, Art, Design, Health

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O C T O B E R - D E C E M B E R 2 0 0 9

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

to buy any products, services or securities. Any views or opinions presented in this magazine alone

are not sufficient and should not be used for development or implementation of an investment /financial

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

readers. The views and opinions expressed in the articles contained in this magazine are those of the

authors and do not constitute the views of the publisher or of Kotak Mahindra Bank Ltd.

The publisher and Kotak Mahindra Bank are not responsible for any damage or loss resulting from

reliance on or use of any information provided in this magazine. This magazine is meant for private

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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P E O P L E

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

4


P E O P L E

5


‘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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T R AV E L

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6


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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T R AV E L

9


T R AV E L


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


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


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

T R AV E L



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

interview(nilesh-shah)-new.qxd 11/24/2009 2:58 PM Page 3

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


I N T E R V I E W

13


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


14


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


16


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


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

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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


product-r.qxd 11/24/2009 3:06 PM Page 1

21


20


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


22


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


24


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

:

TH

UN

DE

RC

HIL

D

acupuncture.qxd 11/24/2009 2:32 PM Page 2

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


26


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


28

home.qxd 11/24/2009 2:57 PM Page 4

29


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


30


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


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,

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SSPPEECCIIAALL DDIISSCCOOUUNNTTSS AATT PPRREEMMIIUUMM HHOOTTEELLSS

Enjoy exclusive discounts at Intercontinental The Lalit,

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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

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Write to us on [email protected] for details.

DDIINNIINNGG OOFFFFEERRSS

Enjoy great deals on dining at fine-dine restaurants

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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?


new_in_privy league_final.qxd 11/24/2009 3:02 PM Page 2

35


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. �


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

foodie.qxd 11/24/2009 2:40 PM Page 2

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


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


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. �


C O O K I N G

36

P R I Y A N K A P A R A S H A R

foodie.qxd 11/24/2009 2:41 PM Page 4

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