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(22222222222222222220000000000000000000000000( BEST UNDER A BILLION
PRICE RS. 100. AUGUST 17, 2012
I N D I A
YOU
HAVEN’T
SEEN
ANYTHING
YET
Ratan Tata’s corporate innings was
spectacular. Now, he’s ready to take
the Tata trusts to the next level.
www.forbesindia.com
Letter From The Editor
Goodbye Tata,
Hello World!
E
very year, after we publish before perspective on how the trusts
the much-awaited Forbes list have evolved—but also why they’re
of the 100 Richest Indians, shortly set for a radical rethink.
I invariably get letters from readers On December 28 this year, when Ratan
enquiring why Ratan Naval Tata’s Tata turns 75, it will bring the curtains
name is missing from our list. I’ve down on one of the most impactful
EVEN THOUGH THEIR
even had a few foreign journalists tenures in India Inc. However, if you’re
WORK HAS TOUCHED
based in India and abroad call me to expecting Tata to hang up his boots and
SEVERAL MILLION
enquire whether the unique ownership settle into a quiet life of retirement inside
INDIANS OVER MANY
model—where a set of trusts own 66 his newly built sea-facing mansion in
DECADES, THERE HAS
percent of Tata Sons—was for real. Colaba in the southern tip of Mumbai,
SELDOM BEEN ANY
For decades, the workings of the trusts you could be in for a surprise.
ATTEMPT TO CLAIM
have remained shrouded in secrecy. Unknown to the world, Tata has
I N D I A
CREDIT OR SEEK
Despite several attempts in the past, been actively preparing for a plunge
PUBLICITY
no media publication has succeeded into the world of philanthropy. As he
-------
in persuading either Ratan Tata or the prepares to focus full-time on the
management team at the trusts to share trusts, this could well be a game-
their incredible story. To be sure, it is a changer for Indian philanthropy,
story worth chronicling. Today, the Tata almost akin to the impact that Bill
trusts are easily the biggest foundations Gates had when he decided to
of its kind in the country and among focus on the Bill & Melinda Gates
the top 10 in the world. Even though Foundation in 2000, shortly after
their work has touched several million stepping down as CEO at Microsoft.
Indians over many decades and the Tata’s formidable vision, global
institutions they built long outlived their infl uence and business acumen will
founders, there has seldom been any act as a huge shot in the arm for his
attempt to claim credit or seek publicity. family’s philanthropic trusts, but more
This cover story by my colleague importantly, it could serve as a role model
and our Senior Assistant Editor for other Indian business families who’ve
Prince Mathews Thomas is signifi cant made billions and now need to fi nd
not only because it off ers a never- sustainable ways to give back to society.
Best,
Indrajit Gupta
Editor, Forbes India
[email protected]
@indrajitgupta
August 17, 2012 | FORBES INDIA 5
INDIA
50
66
Volume 4 | Issue 17 | August 17, 2012
Contents
a
REGULARS ndi
ENCORE! es I
b
54 Ratan Tata has big 16 Letters to the Editor or For
plans for the Tata trusts 18 Exit Interview hatt f
b
20 Close Range m
h
a
22 World Watch Br
k
o
124 Thoughts Al
ACHAL BAKERI, chairman and managing BITTERSWEET Regulatory troubles are ahead
director, Symphony Ltd for Cadbury and Kraft
I N D I A
FEATURES
ENTERPRISE trusts are even more ambitious still its biggest—has a long history,
46 A Fleetcar Named Meru but Changyu is looking to the future
What lies beneath the business MY LEARNINGS
irony of a great brand that’s 66 Back from the Edge 82 Time Machine
losing money? Achal Bakeri saved Symphony Sincere Watch has passed through
by focusing on what made his many hands, but its latest buyer sees
REAL ISSUE company great better times ahead
50 A Sticky Situation
es
ag Kraft Foods ran afoul of BEST UNDER A BILLION CROSS BORDER
m
etty I corruption regulations in the US 69 200 Best Under a Billion 84 China’s Steve Jobs
n / G and India A weak global economy hasn’t Lei Jun doesn’t want Xiaomi
arki slowed down these top companies company to be China’s Apple—he
H
an COVER STORY from Asia-Pacifi c wants it to be even better
Bri 54 Bigger. Stronger. Better.
Ratan Tata could rest on his 78 Grape Leap 88 Qualcomm is Dialled In
UPFRONT laurels. But his plans for the Tata China’s fi rst modern winery—and The cellphone-chip maker is facing
stormy seas, but CEO Paul Jacobs is
HINDSIGHT IDEAS & OPINION Trajectories keeping an even keel
24 The 10-Million-Dollar 30 We Don’t Study Markets, We India’s growing population is a
Mercedes Study People stark contrast to a greying China 94 Silicon Valley’s Unlikely Saviour
Later this month one of the Consumers want technology that’s No longer the king of Silicon Valley’s
world’s rarest cars will hit the more human, says Intel futurist THE CONSILIENT INVESTOR VCs, Kleiner Perkins is hoping Mary
auction block Brian Johnson 38 Where Angels Fear to Tread Meeker can put them back on top
When investors hit the panic
BREAKPOINT CURRENT EVENTS button, opportunities abound for FORBES INDIA LEADERSHIP
26 Birth Right 32 Financial Goals of the Urban those with cooler heads AWARDS 2012
Lifespring Hospitals is saving lives Affl uent in India 92 The FILA Jury Meet 2012
with low-cost maternity care Their goals, aspirations and OLYMPICS The Forbes India Leadership
p
dreams regarding their fi nancial 40 It’s vital to let people feel they cor Awards jury is one step closer to
o
28 Tourism in the Time of investments are part of the Games Fot announcing this year’s exceptional
Economic Slowdown London 2012 CEO Paul Deighton 46 Lad / business leaders
h
New York City fi nds a way to keep COMMENT says community buy-in is key to es
n
a
tourists coming 34 China and India: Diff erent a successful Olympics G
RUNNING ON EMPTY A great brand isn’t enough to bring Meru profi ts
8 FORBES INDIA | August 17, 2012 August 17, 2012 | FORBES INDIA 9
INDIA
Volume 4 | Issue 17 | August 17, 2012
Contents
104
RECLINER
104 Greek Tragedy
A traveller fi nds history repeating
itself in the cradle of Western
civilsation
FREQUENT FLIER
113 My Manila
From beautiful beaches to local
dining hubs, the city has plenty
to keep visitors coming back
APPRAISALS
116 Book: Dark Pools
Journalist Scott Patterson sheds
IliNght on tDhe shaIdierA workings of the
stock market
RECLINER
118 The Magic of Rangefi nders
Once the world’s most popular
cameras, Rangefi nders still have
classic appeal
122 Cheat Sheet: On the Fast Track
h
a With Ramzaan underway, a look
Ye
c O’ at fasting traditions from religion
a
Z
to politics
GREEK TRAGEDY
 Crisis or no crisis, Greece remains
an attractive destination
Cover Photograph:
Carl Court / AFP / Getty Images
WE VALUE YOUR FEEDBACK.
Write to us at: 120
[email protected] PAPER WEIGHT A recyclable chair, accessories
Letters may be edited for brevity. to keep your gadets looking good, and more
Read us online at www.forbesindia.com
10 FORBES INDIA | August 17, 2012
www.forbesindia.com
(cid:2) (cid:2) (cid:2) (cid:2) (cid:2) (cid:2) (cid:2)
Magazine Upfront Features Life Daily Sabbatical Multimedia Blogs News
INDIA
http://forbesindia.com/blog
MUST-READ BLOGS
CHINA, A SOCIAL MEDIA
http://forbesindia.com/blog COUNTRY
What makes the Chinese
OUR GUEST BLOGGERS embrace Social Media so
avidly? Like much else in
China, the answer lies in the
way the government monitors
and controls information
dissemination in the country.
V KRISHNASWAMY SANJOY
INTELLECT VERSUS INTUITION IN
BHATTACHARYYA
CATALYTIC PHILANTHROPY BUSINESS DECISION MAKING
IN INDIA Business owners in Middle India have
Like most things in India, its a specifi c challenge of decision
Writes on sports. Has Investment guru Sanjoy blogs
social problems exist at scale making. As the business needs to
covered fi ve Olympics on his life as a bridge player
unimaginable anywhere else in grow rapidly and the complexity and
the world. How can philanthropy cost of decisions rise, can they aff ord
help India solve some of Iher mNost Dto decide IbasedA largely on hunches
intractable social problems? and intuition?
SUSHOBHAN MARCO D’SOUZA
MUKHERJEE THE ELBOW PUSH FACTOR DISCLOSURES AND
While we have ‘learnt’ to respect ACCOUNTABILITY
privacy, our inherent attitude The intent of the discussions and
towards it is somewhat diff erent. disclosures in an annual report should
Off ers opinion on the best Writes about gadgets, gizmos
For Indians, personal space isn’t help in understanding the business and
digital ideas in the world and all things technology
defi ned in physical terms. We see its health. This move to limit the level of
nothing wrong or disrespectful extant quantitative disclosures is not
or invasive in jostling each other healthy.
http://forbesindia.com/thedailysabbatical around.
DAILY SABBATICAL
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Harvard Tuck School of Haas School A big moment for
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Letters To The Editor
Readers Say
BLAME GAME with my Swift VXI. I went The lack of a safety
Refer to Why Good People to the dealer four times, regulatory authority in
Do Mad Things (August they changed the brake India is most visible in the
3, 2012 issue podcast). booster and did all the fact that standard safety
You should change the checks but they said ‘the features such as ABS
headline. It should be car is ok, change your [anti-lock braking systems]
“Why SMART people do driving style.’ But I feel and air bags are provided
MAD things”. Subroto they are misleading. only in the highest variant
Bagchi has rightly We owners have to of any car model. Indian
diff erentiated between all stand together, then auto manufacturers are
Good and Smart People. Maruti and Suzuki will still confused what is a
Arvind Rao was defi nitely hear. Shame on [Maruti] luxury feature and what
SMART. I don’t think he as it is the No 1 brand is a safety feature. Recalls
BY THEIR PASSIVE can be classifi ed as GOOD. in India. Thanks Forbes aff ect fewer people than
RESIGNATIONS, THEY Saleem India for your kind lack of standard safety
SHOWED THE INVESTOR On the Web appreciation inI thiNs regarDd. feIatuAres, and yet the sector
COMMUNITY THAT Abhishek Sidhwa continues with impunity.
THEY ARE DECORATIVE I fi nd [the independent On the Web Vidooshak
PIECES USED BY directors’] behaviour On the Web
PROMOTERS fouler, more pathetic I got the new Dzire VXi
-------- and diffi dent than the and with my fi rst drive I CRASH LANDING
protagonist Arvind missed hitting the other Refer to How to Destroy
Rao’s complexity and cars in heavy traffi c in an Airline (July 20, 2012
corruptibility. As directors, Mumbai after I applied issue). This has happened
they are not bound the hand brake of the car. with many companies
by any constitutional [The dealer] is not ready earlier. This is due to
oaths of confi dentiality, to accept it as a fault, either exceeding your
that they should resign but a new feature of the resources or expanding
without telling the world new Dzire VXi. If this is without doing proper
the reasons for their a feature then everybody homework. In Vijay
decision. By their passive needs to change their Mallya’s case, it is the
resignations, they showed driving style and use the high risk sector, with his
the investor community hand brake to stop the personal ego to remain
that they are decorative car. I am going to take this in the limelight attached
pieces used by promoters matter to consumer courts. with this industry.
as cosmetic pieces to Sanjay Kandhway Surinder Seth
observe certain statutory On the Web On the Web
conditions. Corporate
governance is very far, far
away in corporate India.
CORRECTIONS & CLARIFICATIONS
Shashank
On the Web AUGUST 3, 2012 ISSUE
On page 20 – The interview with Harsh Mander was
twitter.com/Forbes_India HIT THE BRAKES conducted by KP Narayana Kumar.
facebook.com/ForbesIndia Refer to This Swift Won’t On page 42 – Arvind Rao purchased 6 lakh shares
linkedin.com/groups?gid=1959962 Stop (August 3, 2012 issue). in OnMobile on November 23, 2010, not 2011, as written.
plus.google.com/115075196102530859200 I have the same problem The error is regretted.
16 FORBES INDIA | August 17, 2012
Upfront/Exit Interview
Creativity and Commerce
Must Be in Sync
UTV’s co-founder ZARINA MEHTA numbers. Numbers speak to their audience. There is
tells DEEPAK AJWANI Age: 50 me. I can crunch numbers a purpose. If there is no
Education: BA Economics from better than most people. purpose, why are you
and ABHISHEK St Xavier’s College, Mumbai
We have charts and charts creative? Creative and
RAGHUNATH how Last Position: Cofounder and Chief
of numbers which tell us commerce have to be in
Creative Offi cer, Broadcast, Disney UTV
the network kept when to put our show, sync. When a Doraemon
New Position: Managing Trustee,
hits coming Swades Foundation what’s the demographic and Shinchan are rocking,
Interests: Food, books, music that’s watching us, etc. I don’t need to create
Then we start talking. new content. I need to
Q You’ve been one of the There’s nothing like a market them. That’s what
cofounders at UTV. What’s good brainstorm. Call I did. Creativity doesn’t
it like leaving it all now? people from all over the always have to be original
Letting go is the hardest organisation. When I used content. And this is a
thing to do in life. I thought to brainstorm on Bindaas, content person talking.
I N D I A
I would never be able to I would call people from
do it. UTV was my fi rst movie marketing, from Q What’s the next
jjoobb aanndd iitt iiss mmy last job. I Disney, and producers’ step for you?
hhaavvee ddoonnee iitt ffor 27 years. ideas would come out. I wanted to help people
AAnndd lleeaavviinngg iitt has taken me There are many ideas on in a diff erent way. It’s been
ffoouurr yyeeaarrss.. FFoor the last four the list and then I pick brewing in my mind for
yyeeaarrss II hhaavvee wanted to do one. Now, don’t ask me years, [I] didn’t discuss it
ssoommeetthhiinngg diff erent. I how I pick because even with anybody, not even
wwaanntteedd ttoo aapply my mind I don’t know that. I just Ronnie [husband]. We
ttoo ddiiffff eerreenntt problems. know that’s the idea. It’s have this foundation called
EEaarrlliieerr II wwoould say every probably 27 years kicking Swades. Our aim is rural
ttwwoo yyeeaarrss,, ‘‘II think I want in. At that point, don’t listen empowerment through
ttoo mmoovvee..’’ BBut I never to anyone. Trust yourself the best modern practices,
kknneeww wwhhat I wanted and your instincts. So the technology and values. We
ttoo ddoo nnext, so I process is like a pyramid. have been working in rural
nneevveer left. Then You have this base of ideas, Maharashtra for the last
wwee sold UTV to then your inner team and fi ve years and impacted
DDiisney. That’s fi nally you. Then your 70,000 people in 117 villages
wwhheen I thought job is to go back and push in Raigad district. Our plan
eevveerrything will your ideas down again: is ambitious. We want
bbee fifi ne if I leave. First to your own team, to empower one million
then your layers of teams people in rural Maharashtra
QQ HHow does the and then the public. in seven years, the keyword
ccrreeative process being empower. We aim
wwoork for you? Q How do you balance to spend around Rs 500
SSuuppose there creativity and commerce? crore in the next fi ve years
iiss no idea. You You need to give creativity of which Rs 250 crore will
fifi rrst speak to equal value to commerce. be from our foundation.
ppeeople and do Creative people need to And if I don’t do
ot
h
yyoouurr research. understand numbers if it now when I am 50, K
as
TThheenn look at the they want to understand when will I do it? Vik
Upfront/Close Range
RAMESH C JAIN
Age: 65
Designation: Chairman, Industrial
relations task force, CII and Former
group vice chairman of Eicher
Career: Currently independent
consultant; former group vice chairman
of Eicher
Education: B Tech (Hons) from IIT
Kharagpur and M Sc (business admin-
istration) from Cranfi eld University, UK
Interests: Golf
Can’t Treat Contract
produce normal market demand. And you
need a temporary workforce which meets
Labour Unfairly the peaks of 20-30 percent growth rates.
But that does not mean that you should
treat the contract labour unfairly in terms
RC Jain, former Q How do you read the situation of compensation, working conditions or
I N D I A
group vice-chairman, at Maruti’s Manesar plant? what have you in terms of facilities for
I understand that the Manesar union a permanent worker. In my mind, the
Eicher, tells ASHISH
consists of very young people. I see that fl exibility premium which organisations
K MISHRA that the they lack maturity of a good union leader enjoy should be paid out in compensation
manufacturing which is expected out of union leaders of to temporary workforce. Obviously quite
industry needs any big company. I also have a feeling that a few companies are not doing this today.
somewhere the external leadership, the If companies believe they can cut costs
to change its
senior people at trade unions which are at in this manner, I don’t think that is a fair
communication with
national level, I don’t think they are doing thing to do. Managements have to learn
workers to prevent their bit in terms of mentoring the younger how to handle the contract labour.
another Manesar leaders. They must train them on their
rights, duties and responsibilities. So while Q The last fi ve years have seen increasing
they have a right to demand, they have number of such incidents and mostly
certain duties and responsibilities towards in the automobile sector. Why?
the companies in which they work in. Somewhere we thought that with the
I think there has been a breakdown in service sector, trade unions had taken a
the process of how to handle grievances and back seat. But in the last few years the
employee engagement. Supervisors should manufacturing sector has again starting
be the fi rst ones to know the grievances of seeing light of day, and the growth in the
the workers even before a union does. And automobile sector is the most visible, which
these should be escalated which should is why you are seeing many more incidents.
result in the formulation of a strategy. But the fact is that in this country there are
only 10 percent workers in the organised
Q What is your view on contract sector who have a union. 90 percent are not
labour? It’s a big issue in almost all unionised at all, what about them? How do
manufacturing companies now… they resolve their problems? I think this is
Let me fi rst say that I am not against a million dollar question for our country.
contract labour. There are fl uctuations in
the business cycle of a company. There has
a
tpoe rbme aan weanyt wouotr iknf owrcheic wh hyiocuh hisa avde etqou haatvee t oa Tvois rite faodr tbhees fiunldl iinat.ecrovmiew, mit Verm
A
20 FORBES INDIA | August 17, 2012
Upfront/World Watch
US
30-39.9
The
40-49.9
An analysis of US data showed that
daily energy expenditure in work-
Problem
related physical activity has fallen
by more than 100 calories per day
during the past 50 years.
of
DENMARK
Inertia
30-39.9
I N D I A
30-39.9
In Denmark, building of
infrastructure to promote cycling
has resulted in a 50% increase in
1.5 billion people, across the globe, cycling in the past two decades. If
all non-cyclists in Denmark became
could be aff ected by coronary heart cyclists, about 12,000 deaths
linked to little physical activity
disease, diabetes, some types of
would be prevented every year.
cancer, several other diseases, and
even premature death; all because
BRAZIL
they lack physical activity
40-49.9
INDIA CHINA 50
19.9 20-29.9
The overall physical
inactivity of Brazilians only seems
19.9 30-39.9 to have increased over the years.
It seems to be the only emerging
economy whose inactivity across
For India, its developing state, China is one of the few countries income levels has equaled a high
keeps it occupied, and its physi- where more than 20 percent of its income state.
cal inactivity level is much lower population either cycles or walks
compared to anywhere else in the to work. This keeps their physical
world. Fifty-eight percent of the inactivity in check.
population still works on farms, and
that keeps the activity levels high.
AUSTRALIA
It is the one of the few countries,
where men and women’s physical
30-39.9
inactivity levels are the same.
30-39.9
*Number based on
Physical inactivity in
adults (15 years or older)
worldwide in men ( ) For a nation that is known for ad-
and women ( ) All numbers are in percentage venture sports, the population is
less adventurous when it comes
Source to its daily commute.
Pawar Tpcahhlyi sAs iiccsta itvlh iateyc fi t 1ir vGsittlo yinb b aayl TSphhereyis eLisca anolfc aefi ctv.t eiTv phitaiysp lieesrv sPe lhasyb: soiu-t Ltreaslisa nthsa wna 5lk p oerr cceynctle o tfo A wuso-rk,
er surveillance progress, pitfalls, and prospects and this increase their physical
me inactivity levels.
Sa Compiled by Nilofer D'Souza
22 FORBES INDIA | August 17, 2012 August 17, 2012 | FORBES INDIA 23