Tuesday, April 23, 2013

Four entrepreneurs who sold their businesses to turn investors


Four entrepreneurs who sold their businesses to turn investors


Being investor is a way of managing wealth



They have built and sold big business. And now, they are using the payoffs from those big exits, marrying it with their wealth of experience, to help others build new businesses.

For Ronnie Screwvala, Rakesh Malhotra, and Amit and Arihant Patni, being active investors is as much a passion as it is a way of managing their sizeable wealth.

In the way they are doing it, three distinct traits bind these entrepreneurs who have made big exits in recent times and turned active investors.

How They Are Investing There's nothing passive about their investing style. 

They floated own vehicles to manage wealth



In pic: Ronnie Screwvala and his Secretary Zenobia.

Rather than route their investment through secondary vehicles like mutual funds, they are floating their own primary vehicles, even appointing professionals to manage it.

Take Screwvala, who sold his stake in UTV to Walt Disney for Rs 2,000 crore.

In order to manage his investments, Screwvala set up a 'family office' — a professional team managing the wealth of a family — and appointed Amit Banka to manage it.

While a family office is a self-contained and self-serving entity, Amit Patni and Arihant Patni are keen to broaden the scope of their investing.

So, besides a family office, they have set up a venture capital (VC) fund, which will be managed by them but which will also solicit contributions from other high net worth individuals.

Funding allows to back a suite of businesses




In pic: Rakesh Malhotra (centre)

"Some family offices are now setting up a fund structure to channelise their private equity investments," says Richa Karpe, cofounder and executive director, Altamount Capital Management, a Mumbai-based firm that manages several family offices.

"In some cases, they are also structuring in a way to attract other LPs (limited partners, or investors in a fund) as well."

Amit and Arihant Patni set up Nirvana Ventures as a VC fund, in May 2011, after their family exited the IT business by selling Patni Computers to iGate.

The three founder-brothers — Gajendra (their father), Narendra and Ashok Patni — realised $1.2 billion (about Rs 6,500 crore) from the sale.

The share of Gajendra and his family was Rs 900 crore, some of which has since been channelled into Nirvana Ventures.

According to Amit Patni, co-founder and chairman of Nirvana, a VC fund let them back a suite of businesses, rather than build just one from the ground up.

Also, adds Arihant, co-founder and director, Nirvana: "We wanted to establish a thirdparty fund to be run by professionals and are looking at raising money from external investors in Southeast Asia, Japan, US and India."

They hope to raise $75 million by the end of 2013, with the first closure of the fund expected in two months.

Hedge fund to invest later



In pic: Arihant Patni

Also planned is a hedge fund to invest in derivatives and direct investments in companies in the data analytics space.

Where They Are Investing In the kind of businesses they are choosing to back, all three profiled here demonstrate a strong connect to the emerging landscape.

So, their chosen areas are start-ups and growth sectors like technology, agri, healthcare and consumer.

"We want to back entrepreneurs with new-age ideas and build a platform for innovation," says Amit Patni.

Nirvana, which is targeting a five- to 10-fold return, has made five investments, with a focus on the Internet and digital space.

Technology and consumer-driven businesses are the two focus areas for Delhibased Rakesh Malhotra, who founded Luminous Power Technology, best known for its invertors.

In June 2011, he sold 74% of his stake to Schneider Electric for Rs 1,400 crore.

Three months later, he directed $40 million (about Rs 200 crore) to set up Ncubate Capital, a VC fund managed by him, along with a team.

Ncubate has made two investments so far. The first one was Nevis Networks (an IT company).

Investors are also involved with businesses



In pic: Amit Patni

The second, the name and details of which he declined to reveal, is in the consumer durables space.

A similar pattern of investments is visible in Unilazer Ventures, a holding company set by a decade ago by Screwvala and converted into a family office last year after the UTV sale.

It has invested in an IT-ITES company called OnContract.com and INI Farms, an export-oriented horticulture company that specialises in pomegranates, selling under the brand name Kimaye.

Giving capital to portfolio companies is just the first engagement.

They act as mentors, and work closely with their portfolio companies on operational, strategic and governance issues.

"Our value add is to help scale new ventures and build a brand," says Screwvala.

Pankaj Khandelwal, chairman and managing director of INI Farms, says Screwvala spends around two to three hours with him every month.

Screwvala's team is helping INI with legal structuring and branding. "Ronnie and his team keep pushing me to think about the organisation's long-term strategy for the next three years," says Khandelwal.

"I tend to get bogged by daily operations."

"We have active participation at the board level, business level and operational level," says Screwvala, founder and advisor, investment strategy, Unilazer.

Share network of contacts



In pic: Rakesh Malhotra

"It becomes a more participative approach compared to a more passive approach through a fund."

Malhotra, who spends a couple of hours every week on calls with his portfolio companies, is taking a similar approach with Nevis Networks, a company that provides Internet and network security solutions.

He has been helping Nevis make senior-management hires by sharing his network of contacts.

He is also helping the company sort out its distribution structure and increase reach.

"The company has the technology, but is still commercialising its business," says Malhotra.

Malhotra relates to their circumstances and challenges. "They are going through the same situation I have been through long ago," he says.

"Being an entrepreneur, my approach as an investor is different from a financial investor.

I am more involved in the company's operational issues." Amit Patni sits on the board of his investee companies and spends one day every month mentoring.

"We are also syncing our investees with other investors in our networks to take their companies to the next level," says Arihant Patni. 


Source : 
Ahona Ghosh, ET Bureau

RBI earns over 40% returns from its gold reserves


RBI earns over 40% returns from its gold reserves

RBI is sitting on handsome returns on its gold reserves despite the recent crash in the yellow metal’s price.
RBI is sitting on handsome returns on its gold reserves despite the recent crash in the yellow metal’s price.
The Reserve Bank of India is sitting on handsome returns on its gold reserves despite the recent crash in the yellow metal's price. 

The RBI's gold stock of about 400 tonnes, currently valued at $25.7 billion, has appreciated 41% since it bought 200 tonnes in October-November 2009 from the International Monetary Fund.

During the same period, returns from alternative liquid assets were just one fourth of gold. Prices of US treasuries rose only by 5.2%, while that of the benchmark Japanese government bond increased 11.4%.

The central bank values its gold at 90% of the value of the London Bullion Exchange at the end of every month. Even if one factors in the crash in gold prices in April, the value of its gold reserves is substantially higher than the returns from other currencies in its reserves.

The share of gold in its $295-billion foreign exchange reserves is 8.7%, up from less than 5% at the time of the purchase from IMF. India holds most of its reserves in liquid assets such as hard currencies like dollar, yen and euro, and sovereign bonds of AAA-rated nations.

The RBI had purchased 200 tonnes of gold for $6.7 billion from the IMF under the multilateral body's limited gold sales programme. This was done as part of the RBI's foreign exchange reserves management operations.

The purchase was an official sector offmarket transaction and was executed over a two-week period from October 19 to October 30, 2009. Gold prices in the international market rose steadily for more than a decade. However, they rose rapidly in the last two to three years.

The RBI, as a part of its reserve management strategy, does not actively trade in its gold like some European central banks. In 1991, it had pledged its gold with international lenders to raise funds to tide over the balance of payments crisis.

Source : ET 

Wednesday, April 10, 2013

How IIPM's Arindam Chaudhuri built the Rs 533 crore business

How IIPM's Arindam Chaudhuri built the Rs 533 crore business

The Rs 533 crore house that Arindam Chaudhuri built and howWe don't plan to seek any approval from any regulator: Arindam Chaudhuri
The Rs 533 crore house that Arindam Chaudhuri built and how

Please go to the Internet and fill it up. If you say Arindam Chaudhuri is ugly and has a bad sense of dressing, I will not say anything. But if you say anything to harm my business, then I will sue you," raged Chaudhuri on a recent CNN-IBN show, defending his penchant to file court cases against people and publications critiquing his management institute and operating style, and having those articles blocked on the Internet. The business that he is trying to protect, through means that are derided by believers of free speech, generated revenues of Rs 533 crore in 2010-11, mainly from his management institute, Indian Institute of Planning & Management (IIPM). John Samuel Raja D dives deep into regulatory filings by Chaudhuri's companies to unravel eight facts about his businesses.

They Pay 1% of Rs 533 cr Revenues in Tax

Chaudhuri has four main businesses: management education, consulting, human resources and media. Each is housed in a separate company. In 2010-11, the latest available publicly, these four companies earned revenues of Rs 533 crore.

Its education arm, which offers management courses that are not recognised by the government, is the biggest of the four, with revenues of Rs 349 crore in 2010-11. In a recent TV interview, uploaded on the IIPM website, Chaudhuri says the institute admits 3,500 students each year.

Arindam Chaudhuri's response to ET Questions: 'We don't plan to seek any approval from any regulator'

A recent IIPM ad says its course fee is between Rs 14.75 lakh and Rs 18.75 lakh. In the last two years, revenues of the education arm have grown at 32% a year. Yet, on revenues of Rs 533 crore, the group posted a net loss of Rs 4 lakh, after paying less than Rs 5 crore as income tax. A possible explanation for this lies in two traits endemic to its operating style: big cost heads and many transactions between group companies.

IIPM Spends More on Ads than DLF

The IIPM ad template is large and flashy, full of claims and the larger-than-life presence of Chaudhuri. His website describes him as an "economist, management guru, author, speaker and transformational leader", who charges $100,000 (Rs 55 lakh) for a speaking engagement of 90 minutes. In the past few years, several IIPM claims on tie-ups with foreign universities and job placements have been proven untrue. At times, an examination of those claims or media reportage have become part of court cases filed by IIPM or its associates in places far from its base of New Delhi—Silchar in AssamDehradun in Uttarakhand and Gwalior in Madhya Pradesh.

The books of the education arm show that, in 2008-09, it spent Rs 120.5 crore of its Rs 202 crore revenues on ads. Further, it spent Rs 16.6 crore to pay its educators under, as per Chaudhuri, three heads: salary (Rs 9.4 crore), professional charges (Rs 2.5 crore) and faculty remuneration (Rs 4.7 crore). In other words, for every rupee it spent on salary in 2008-09, IIPM directed Rs 7.2 into ads. "There are far too many industries globally with that high marketing budgets in comparison to salaries," says Chaudhuri.

In 2009-10, though, IIPM's ad spend halved to Rs 54 crore, while its payments to educators shot up four-fold to Rs 65.7 crore (Chaudhuri says it was above Rs 85 crore).

Seen another way, as a percentage of revenues, IIPM's ad spend of 60% in 2008-09 was higher than all the companies in the BSE-500 index; according to Capitaline data, Mahindra Holidays and ResortsBSE -0.21 % was the highest, at 24.7%, while FMCG majors likeHindustan UnileverBSE -0.82 % were at 11.4% and Colgate-PalmoliveBSE 0.30 % at 14.7%.

Even in absolute ad spends, only 38 companies from the BSE-500 were ahead of IIPM. At Rs 120.5 crore, its stated ad spend left behind some of India Inc's biggest advertisers likeDLFBSE 2.26 %Axis BankBSE 3.11 %RaymondBSE -0.10 % and Gitanjali GemsBSE 1.96 %. Some of IIPM's ad spends would have gone to group's publications, which raises the issue of how they were priced (more on this in Point 4).

They Transact a Lot Among Themselves

Placement of ads in group publications is one of the many kinds of transactions between group companies. The education arm, the group's cash cow, is a major source of revenue for its sister firms. For example, in 2010-11, the education arm paid Rs 37.6 crore to the consulting arm, Planman Consulting—Rs 31 crore for services received and Rs 6.6 crore as rent.

For Planman Consulting, which claims to have done work for the who's who of India Inc, these two transactions accounted for 84% of its Rs 45.8 crore turnover. That year, it was the most profitable company in the group, posting a net profit of Rs 7.8 crore on a net margin of 17%.

Chaudhuri and his wife, Rajita, who are executive directors in Planman Consulting, drew a total remuneration of Rs 6.96 crore from the company that year. (Between them, they control nearly 100% shares in 20-odd Indian firms, some of which have floated overseas subsidiaries.) Chaudhuri did not specify what services Planman provided to the education arm. But, on the group's related-party transactions in general, he says: "There is nothing wrong in each and every transaction you have mentioned as all are scrutinised by regulatory bodies every year."

An accounting expert, speaking on the condition of anonymity, says it's a common industry practice for the education arm to show losses and group companies that provide services to this company to earn profits. "Promoters adopt this to circumvent Indian regulation, which prohibits profitmaking companies in the education sector," he says. "But firms that provide services to the company that runs the education business are not bound by it."

In 2010-11, IIPM's education arm, while actively transacting with group companies, posted a net loss of Rs 2.3 crore on revenues of Rs 349 crore. By comparison, the Indian School of Business (ISB), which has no subsidiaries and no related-party transactions, earned a net surplus of Rs 15.1 crore on a turnover of Rs 197.5 crore.

No 'Best-sellers', Yet Rs 40 cr from Ads

Planman Media, IIPM's publishing arm, brings out several magazines and journals. Chief among them are three magazines: The Sunday Indian, 4Ps Business and Marketing, and Business & Economy (B&E).

Chaudhuri's website says the first is published in 14 Indian languages, and describes it as "the world's largest newsweekly" and "the nation's greatest news magazine"; the other two magazines as "best-sellers".

In 2008-09, the latest year for which financials were available for Planman Media, it earned revenues of Rs 41.4 crore. Of this, just Rs 1.6 crore came from magazine sales. The IIPM website claims The Sunday Indian has a readership of 2 million (which would make it more popular than India Today and Outlook) and B&E has a print run of 110,000 copies (which would be more than any business magazine in India). "We sell 5-6 copies of The Sunday Indian each week, against 40-50 copies of India Today and Outlook," says a sales representative of Bahri Sons, in New Delhi's Khan Market.

"And 2-4 copies per issue of 4Ps and B&E." Despite low circulation revenues, Planman Media recorded ad sales of Rs 39.6 crore in 2008-09, amounting to 96% of its revenues. The latest issue of The Sunday Indian had 44 edit pages and 19 ad pages (including 10 pages of group ads). Prominent names were missing from the list of external advertisers, which included Flowguard Pipe and Fittings, V Mart, OPTM Healthcare and Hyderabad House.

If IIPM magazines don't sell much, if big external advertisers are not placing ads in them, how much are these magazines billing IIPM for in-house ads? And, is IIPM using its magazines arm to reduce profits in its education arm? Chaudhuri did not disclose how much ad revenues of Planman Media came from group firms or how these were priced. He says: "All transactions are well within the provisions of the IT Acts and are regularly scrutinised by authorities."

Its Education Business Keeps Moving to a New Skeleton Company

Since 2009, IIPM's education business has moved to a new legal entity thrice. There's a pattern here. Each time, a skeleton company, controlled by Arindam and Rajita Chaudhuri, acquires the entity controlling the education business, and the two are eventually merged.

Thus, the education business went from being in the Indian Institute of Planning and Management Pvt Ltd to being in the International Institute of Planning and Management Pvt Ltd in September 2009. In March 2010, the second change took place. Planman Financial—which said it was a registered mutual-fund distributor and wanted to become a non-banking financial company, but had negligible revenues—bought the International Institute of Planning and Management.

Planman paid Rs 3 crore to buy a business that had revenues of Rs 201 crore and fixed assets of Rs 171 crore, and debt of Rs 109 crore. "Generally, for unlisted companies, the benchmark is book value of assets or earnings multiple," says an accounting expert, not wanting to be named. "If the amount paid is less than book value, then it's undervalued."

Six months later, the two were merged, and Planman took the name of the expiring entity. In May 2011, it converted itself into a Section 25 company—it cannot distribute profits to its shareholders— and renamed itself Center for Vocational and Entrepreneurship Studies (CVES).

"These were strategic decisions to consolidate our group activities that were being undertaken over the last few years and are as per the provisions of the Companies Act," says Chaudhuri.

The Last Change Saw it Acquire a 'Non-Profi t' Identity

The third metamorphosis is significant. IIPM's education business has gone from being a company that can distribute profits to one that can't—a pre-condition to accreditation from the University Grants Commission (UGC), the regulator for higher education, and the All India Council for Technical Education (AICTE), which regulates business schools in India.

Only last month, Chaudhuri had accused UGC, which has released ads saying IIPM is not recognised by it, and AICTE of corruption. "UGC and AICTE are full of bribeseeking, corrupt officials where, even at the top, they have a track-record of being caught red-handed and being jailed. The standard of education they have created in the nation is shameful, to say the least," he said in a statement issued by IIPM on February 16.

Is Chaudhuri now trying to comply with government regulations to get his B-school recognised? A Planman Financial resolution said this was one of the reasons to convert itself to a Section 25 company. But, Chaudhuri says: "As of now, we do not plan to seek any approval from any regulators."

According to Chaudhuri, plans for CVES have since changed, and so has its role in the group. The original idea, he adds, was it to offer management programmes cheaper than the IIPM flagship courses. "It didn't shape up the way we wanted it to," he adds. "For about three years now, I am not the director of this company and I am not a shareholder for about a year now."

Chaudhuri says CVES now aims to offer new and affordable educational programmes to cater to rural and semi-urban sections. He, however, did not specify where the education arm is now housed, though he did say that IIPM is now a "not-for-profit education society and not a company".

It Now has Ties with a Recognised B-school

Recently, IIPM came out with an ad that invites applications to set up a branch of its "new initiative" IIMM (IIPM Institute of Marketing & Management), which is pitched as a low-cost alternative to IIPM (course fee of Rs 3.75-4.75 lakh). The ad asks franchises to invest Rs 5-15 crore, in addition to infrastructure, to set up an IIMM franchise and projects a return on investment (RoI) of 24-33% a year.

"We have not acquired IMM," says Chaudhuri, adding that it's a "strategic alliance", a descriptor also used by the website of the Delhi-based Institute of Marketing and Management (IMM), which has AICTE approval to admit 360 students a year. However, Gaganjit Singh, director general of IMM, denies any collaboration with IIPM or knowledge about this ad.

According to Singh, IIPM has no say in running IMM. "We don't offer any joint programme with IIPM," he says. "AICTE regulations don't permit us to collaborate with IIPM to offer any educational programmes. The only relationship we have with IIPM is that they have rented one floor in our campus.

And last year, we tied up with IIPM for admissions and placements." IIPM would act as "an agent" to bring students to IMM, and also help in placing students. "IIPM promised us 200 students, but brought in 40-50. No placement was done," he adds.

It is Facing a Squeeze on the Business Front

Chaudhuri's education business is the cash cow. Choking it will squeeze all his other businesses. There are signs that IIPM is facing a squeeze. Speaking on the condition of anonymity, two employees of Planman Consulting and another of IIPM said the staff had not received salaries for six months. "IIPM does not have any salary delays whatsoever," says Chaudhuri.

"However, yes, almost every business house is going through challenging times as the market sentiment is not the most exciting. Certain other verticals of ours are going through slightly challenging times, but we are confident that we will be able to meet all our commitments sooner than expected."

Many IIPM pass-outs are absorbed in IIPM companies. "Those who do not have financial backing eventually resign," says one of the employees of Planman Consulting. Adds the IIPM employee: "Three years ago, a lot of top companies came for campus recruitment. Now, it's only the small companies and they hardly hire anybody." ET contacted seven companies listed on the IIPM website as "recent recruiters".

Three responded—Coca-Cola, Essar Group and HSBC—and all three denied participating in campus placements in IIPM. "While there may have been stray cases of lateral hiring of IIPM alumnus in the past, they do not form part of our list of top B-schools from which we hire for our entry-level management-trainee programme," says Sujaya Banerjee, chief talent officer, Essar Group. Adds Vikram Tandon, head of HR, HSBC India: "We have not hired from IIPM campuses—at least not in the recent past."

Meanwhile, IIPM's website still lists, for example, Cornell University's School of Industrial and Labor Relations as one of its international tie-ups. "The last time ILR School provided training for IIPM students was in 2011," Mary Catt, assistant director, communications,Cornell University ILR School told ET.

With Shreya Biswas and Martin Thomas

Read the full transcript of Arindam Chaudhuri's response to ET Questions

Source : http://economictimes.indiatimes.com

Tuesday, April 9, 2013

4 first daughters who have reached the top in their family businesses

4 first daughters who have reached the top in their family businesses

These women are in their 30s and have enviable pedigrees. But they tell ET that they have worked hard to reach the top in their family businesses.

Read on to know all about their long, hard road and the scret of their success.



Aditi Kothari - Executive VP, DSP Blackrock Investment Managers


Aditi Kothari - Executive VP, DSP Blackrock Investment Managers
Aditi Kothari is the daughter of Hemandra Kothari, a pre-eminent name in investment banking. She has been instrumental in restructuring the team, making it more participative, open, communicative, and creative. She started the first offshore fund that DSP BlackRock launched in 2005. Armed with an MBA from Harvard, Aditi feels marketing is the only way one can be creative in a financial field.

THE LONG, HARD ROAD: My first stint with Merrill Lynch was not easy, but it made me more disciplined. The advantage of being an illustrious father's daughter is that it gives you a lot of confidence. But it doesn't give you managerial and leadership responsibilities.

HOLDING HER OWN: I'm grateful I had someone like my father showing me a clear path. However, I am independent in my functioning. I had people reporting to me for the first time barely three years ago, because I needed to learn the ropes before I decided to lead.

BREAKTHROUGH MOMENT: Developing 'WINVESTOR - The Wise Woman Investor'. My goal is to encourage women to make their own financial decisions and spread awareness as to why they need to do it.

SECRETS OF SUCCESS: Passion is the big secret. Confidence comes if you enjoy what you do. I am always challenging myself to be a better person.



Gursimran Mann - Executive Director, Simbhaoli Sugars


Gursimran Mann - Executive Director, Simbhaoli Sugars
Gursimran Mann, executive director, Simbhaoli Sugars, belongs to the fourth generation of the family that founded Simbhaoli Sugars. She has added significantly to Simbhaoli profits, and to her credit is a joint venture with ED&F Man. Gursimran has a degree in economics and political science from Bryn Mawr College, US and an MBA from London Business School.

THE LONG, HARD ROAD: I have worked my way to the top. I joined the company after college and worked as a trainee in all departments of the company, from factory to farm operations.

HOLDING HER OWN: My first promotion came only after I proved myself on the profitability front. I only recently became executive director, after completing my MBA.

BREAKTHROUGH MOMENT: Post-training, I was moved to the trading department, which was making losses. There was a strategy that could bring a profit but no one had the skill set to execute it. I did so, which added to Simbhaoli profits.

SECRETS OF SUCCESS: Hard work, global education. Data-driven decisions help me in organisational, financial and strategic aspects of day-to-day business.



Ashni Biyani - Director, Future Ideas


Ashni Biyani - Director, Future Ideas

The first woman in the family to enter the business, Ashni, daughter of Future Group CEO Kishore Biyani, has brought in designled thinking within the group. Ashni graduated as a textile designer and has attended courses on scenario planning at New York's Parsons School of Design and the Summer Institute of General Management at Graduate School of Business, Stanford.

THE LONG, HARD ROAD: Aspects like designation never mattered to me. All that did was what I learnt. Design is now being used as a tool to think and conceptualise. It's not as if it wasn't a focus area within the group earlier; there's now a different sort of rigour.

HOLDING HER OWN: One of the biggest moments for me was launching Future Ideas as a separate company that would cater not only to the Future Group, but also provide consulting services to other companies. We got this mandate after a fair bit of convincing.

BREAKTHROUGH MOMENT: Developing a series of our largest stores known as the Big Bazaar family centres, meant as community convergence points. Each of them is expected to do business of over Rs 100 crore.

SECRETS OF SUCCESS: At the core of success is the ability to learn continuously.



Zahabiya Khorakiwala - MD, Wockhardt Hospitals


Zahabiya Khorakiwala - MD, Wockhardt Hospitals

The daughter of group chairman and CEO Habil Khorakiwala, has created a 'quality' vertical for the group. After three to four years of getting a broad exposure to the organisation, Zahabiya pursued an MBA at ISB. Post-this, she got fully involved with Wockhardt Hospitals.


THE LONG, HARD ROAD: I worked with marketing representatives, just as I attended business, strategy and annual budgeting discussions.

HOLDING HER OWN: My father has always played a mentoring role. Operationally, I have had the fredom to make my own decisions.

BREAKTHROUGH MOMENT: The seniormost Harvard team once said they are enriched by learnings from us. It made me realise our work is comparable to the best in the world.

SECRETS OF SUCCESS: There is no substitute for hard work. It's also important to create a culture that magnifies the efforts of each individual.


Source : Sreeradha D Basu & Rica Bhattacharyya, ET BUREAU

India's largest mall in Kochi: Lulu Mall

India's largest mall in Kochi: Lulu Mall

UAE based Lulu group opened its first mall in India, constructed at a cost of Rs 1,600 crore, at Edapally junction, Kochi in a 25 lakh square feet complex on March 10, 2013 Lulu Mall Kochi
In Pic: An outside view of the recently inaugurated LuLu shopping Mall at Edapally Junction, Kochi.

Largest mall in India by expanse

It has top international brands of luxury, food courts, coffee shops, 22,000 square feet of entertainment zones, including a 5,000 square feet Ice rink, said to be the first of its kind in South India. 
In Pic: An inside view of the LuLu shopping Mall at Edapally Junction, Kochi taken before the opening.

McDonalds and PVR make their Kerala debut


It has over 360 outlets, including food courts and restaurants and also houses the first McDonalds restaurant in Kerala. 
In Pic: An inside view of the LuLu shopping Mall at Edapally Junction, Kochi taken before the opening.

Covers nearly 17 acres of land

Built on 17 acres, the mall is spread over three levels. The mall also boasts of prayer halls and baby care centres, a company press release said. 
In Pic: An outside view of the recently inaugurated LuLu shopping Mall at Edapally Junction, Kochi.

Declared open on March 10 by Kerala CM


Kerala Chief Minister Oommen Chandy declared the mall open at a function here. 
In Pic: The Lulu Group and EMKE Group managing Director M A Yusuf Ali drives his guests including Kerala Chief Minister Oommen Chandy, Opposition leader, V S Achutanandan, Union ministers Vayalar Ravi and K V Thomas, state industries minister P K Kunahlikutty and UAE Deputy minister for Foreign affairs Shaikh Abdulla Al Saleh around the mall after inauguration of the mall on March 10, 2013.

International dignitaries attended the inauguration

The function was attended by Opposition leader, V S Achutanandan, Union ministers Vayalar Ravi and K V Thomas, state industries minister P K Kunahlikutty, besides several dignatries from the world over, including UAE Deputy minister for Foreign affairs Shaikh Abdulla Al Saleh. 
In Pic: Union minister Vayalar Ravi and opposition leader V S Achutanandan cut the cake to mark the Mall's inauguration on March 10, 2013.

Opened to public on March 11

The mall is designed by UK based consultants W S Atkins and has parking facility for 3000 cars, the release said. 
In Pic: Traffic block at Edapally junction after Lulu shopping mall opened for public on March 11, 2013

More Lulu Malls to come up across India

The Lulu Group and EMKE Group managing Director M A Yusuf Ali has said there are plans to open more malls. 
In Pic: A visitor takes a photograph of the Lulu mall in Kochi on March 11, 2013.


Source : http://economictimes.indiatimes.com/

Gujarat BRANDS : AMUL, Lijjat Papad , Jasuben Pizza


Modi's 5 women entrepreneurial role models from Gujarat


Modi's 5 women entrepreneurial role models from Gujarat

Gujarat Chief Minister Narendra Modi named many examples of women entrepreneurs who have made a mark on both state and national level. Addressing FICCI's women cell at a meet, Modi said that are known to be successful at entrepreneurship and must be encouraged. 

From Jasuben's Pizza to Lijjat Papad, here is a look at five entrepreneurial role models in Gujarat that Modi cited:

Jasuben Pizza

Jasuben Pizza captures a big market in Gujarat, Modi said. An educated individual in Gujarat will also prefer 'Jasuben ke Pizza over Pizza Hut," he added. 

Jasuben Pizza was started by the namesake in her early forties. While she originally made pizzas for her children, the idea took root once those around started appreciating them. Known for their 'Gujarati' taste, the vegetarian pizzas are quite famous in the state. 
Jasuben Pizza
Outlet image from Jasuben Pizza Ahmedabad Facebook account

Lijjat Papad

Another example of women entrepreneurship that Modi cited was 'Lijjat Papad'. 'Lijjat Papad' is a creation of a group of uneducated women. This is a model of entrepreneurship, he said. 

According to Lijjat's website, the organisation started work in 1959. A pioneer batch of 7 village ladies had set the ball rolling by making 4 packets of Papads. The faith and patience of the members were put to test on several occasion - they had no money and started on a borrowed sum of Rs. 80/-. 

Today, Shri Mahila Griha Udyog Lijjat Papad is a Women's organisation manufacturing various products from Papad, Appalam, Masala, Gehu Atta, Chapati, SASA Detergent Powder, SASA Detergent Cake (Tikia), SASA Liquid Detergent. Membership has also expanded from an initial number of 7 sisters from one building to over 43,000 sisters throughout India. 
Lijjat Papad
Image: lijjat.com

Amul successful because of women


Amul successful because of women

Citing the popular Amul's dairy development model, Narendra Modi said that that the global acclaim that the brand enjoys is in part due to the ground-level work that women do to make it a success. 


The Amul Model of dairy development is a three-tiered structure with the dairy cooperative societies at the village level federated under a milk union at the district level and a federation of member unions at the state level. 

The model has been known to empower thousands of village women, who benefit at the grass-root level by selling milk to Amul. Amul claims that its model helps women gain economic independence.

Seaweed cultivation

"Gujarat's pilot project, women enterprise along coastline - seaweed cultivation is hugely successful," Modi said. 

Small farmers living next to the sea shore can venture into this cultivation in a big way, not just to earn high-value-added incomes the produce can give, but also to improve nutrition. State's farmers can earn up to Rs 2,000 crore with this seaweed while its input cost is nothing. 

"We have trained a few farmers in cultivation of the seaweed on an experimental basis and found the results astounding," said an official, adding, "Dried seaweed can earn Rs 86,000 per year per raft, which is floated in the sea to cultivate the produce. A family can create 40 rafts in a year." 
Seaweed cultivation
In pic: Representative image of seaweed cultivation

Handicrafts


Modi said that handicrafts are a business driven mainly by women. "An increase in tourism will lead to an increase in demand for handicrafts, tourism a $3 trillion business," he said. 

Gujarat boasts of a wide variety of famous handicraft products. From needlework, Tie and dye (Bandhani), beadwork to pottery, women actively indulge in selling many forms of hand-made artistic products.

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