Humility in Victory. Grace in defeat. These are the traits of great personalities. Some of the most inspiring speeches of current times are coming from Senator Obama. I was awe-struck by his charismatic personality, ability to draw the youth, who are otherwise indifferent to politics, to the polls and the eloquence in his speeches. His win in Iowa caucus and loss in New Hampshire primary are both unexpected. He sounds upbeat and optimistic in both victory and defeat. The concession speech [click on the image to watch it on YouTube] he gave after New Hampshire primary is fantastic.
Whether Obama, or Clinton wins all the way, Obama is correct in saying, "Change. That's what is happening in America."
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( 3.2 / 18 )
On Monday January 7, Indian cricket player Harbhajan was banned for making a racist remark against the Australian player Andrew Symonds during their tempestuous defeat to Australia in the second Test. Singh was found guilty of breaching the players' code of conduct. The International Cricket Council held a four-hour hearing after the Test finished on Sunday, finally announcing their verdict deep into the night in Australia. Things apparently got ugly and pretty quick afterwards.Indian cricket team threatened to walkout of the Australian Tour unless the ban on Singh is nullified. The Team contends that there is no hard evidence that Singh made any such insensitive remarks. The Indian team alleged that they were in fact the subjects of discrimination from the test match officials. They allege that Symonds was declared not-out when he was clearly out, which made all the difference in the first test.
The most recent news is that Team India decided to continue with the tour. Of course, you can get this news from any news outlet. However, how do you react to this bizzare set of events?
India and Australia were not strangers to such high drama. Here is a recount of the drama that happened during the 1981 Melbourne Test from Rediff.com.
G R Vishwanath batted as only as he can, scoring 114 in India's first innings score of 237. Australia replied strongly with 417, Allan Border hitting a gritty 124 and veteran Doug Walters scoring a brisk 78. Spinners Dilip Doshi and Shivlal Yadav sent down 84 overs between them capturing five wickets for 209 runs while Karsan Ghavri and Sandeep Patil claimed two each. The match seemed lost.
True to tradition, India's second innings was a different story. Skipper Sunil Gavaskar and his partner Chetan Chauhan were cool and confident and the runs began to flow. The century partnership arrived and the Australian bowlers did not look like taking any wickets.
When the stand reached 165, the drama began. Dennis Lillee was the bowler. Gavaskar was rapped on the pads, there was a huge appeal, and the umpire raised his finger. Gavaskar looked at the umpire disbelievingly and indicated his bat to convey the message that he had played the ball.Lillee, always the showman, ran down the pitch and ordered Gavaskar to walk. Words were exchanged. Gavaskar, furious, did walk, but indicated to Chauhan to leave the crease and return to the pavilion as well! What was going on, everyone wondered.
Disgusted with the overall umpiring standards on the tour and this decision in particular, the captain wanted to walk away with his partner. It would have amounted to conceding the Test match to the Australians, something that had never happened before.
The patient Chauhan talked urgently to the captain and signalled to the pavilion. The team manager, Wing Commander Durrani, trooped to the ground. As the disbelieving Australians watched, he persuaded the captain to return to the pavilion and allow the game to continue.
After things had cooled down, Gavaskar, while maintaining that he had played the ball and hence was not out, apologised for his actions. Dennis Lillee in his book Over and Out claimed that Gavaskar had not played the ball at all and was clearly out.
Anyway, in an action-packed match, this incident stood out. But there was more drama on the field. After losing Chauhan for 85, India were all out for 324. Yadav, whose fractured toe was encased in plaster, volunteered to bat and was ready with his pads on. Kapil Dev injured his ankle badly and hobbled along and it was doubtful if he could bowl when Australia batted again, needing only 142 to win.
What hurt the Indians more was the attitude of some people who were present at a private party that the Indians attended that night. Rude comments were made about their cricketing ability. It was like the nightmarish reception at the Indian high commission in London on the evening of the 1974 Lord's Test after the Indians were bowled out for 42. Everyone, including the high commissioner, was rude to the players!
So the Indians had something to prove. Though they had lost Dyson and Chappell, the hosts were expected to win comfortably. Kapil was on pain killers, Yadav could not field or bowl. But Dilip Doshi kept one end going (two for 33 in 22 overs) and Kapil used the helpful wicket to devastating effect. Bowling off a shortened run, he moved the ball both ways and cut it off the pitch to finish with five wickets for 28 runs in 16.4 overs. His victims? Bruce Yardley, Allan Border, Rodney Marsh, Dennis Lillee and Jim Higgs.
India achieved a remarkable victory. Though I was not at the finish I celebrated with the rest of the nation. Greg Chappell gave way to Kim Hughes as the captain. But to this day, the Melbourne Test is remembered for Gavaskar's action in walking away with his partner Chetan Chauhan, ready to give the match away to the opposition!
Dennis Lillie's infamous 'Howzaaat' stance and his trying to hush Gavaskar out of the grounds was only the trigger for Gavaskar's reaction. included among several other reasons for this was a news paper column written by former Australian skipper Ian Chappel, the older brother of Greg Chappel. In that column Ian Chappel wrote the following (I am paraphrasing):
"If Indians cannot take the Australian heat, they should go and play in the shades with a club team in Sri Lanka." (At that time, Sri Lanka was not yet a test playing country.)
This is history. But the present is not as bad. If Singh actually hurled the alleged racial remarks, he deserves the ban. What do you think?
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( 3.1 / 14 )
This is a bit dated news. I could not post it when it happened as I was too busy then.
Do Indians have enough fire in their bellies to become top executives at Fortune 500 companies? Indra Nooyi, was the first Indian born woman to become the CEO of this elite group of companies. On Dec 10, 2007 Vikram Pundit was officially named the CEO of the prestigious Fortune 500 company, Citigroup. Who was Vikram's competition for this top job? Included among the many names floated were Former (Clinton's) Treasury Secretary, Robert Rubin. Enough said about how big an accomplishment for Vikram himself. The most important element in this appointment is that the perception of Indians in business circles changes for the better.
------------------
Profile of Vikram Pandit from Wikipedia.
Pandit worked for Morgan Stanley for two decades and was the President and Chief Operating Officer of the Institutional Securities and Investment Banking Group at Morgan Stanley where he was responsible for the overall management of the group and focused on the trading, sales and infrastructure aspects of the business (2000-2005). Before that, he served as the managing director and head of the Worldwide Institutional Equities Division (1994-2000), and as the managing director and head of the US Equity Syndicate (1990-1994) for Morgan Stanley. Pandit left Morgan Stanley with a few colleagues to start a hedge fund Old Lane Partners, which Citigroup bought in 2007 for $800 million.
Pandit serves on the boards of Columbia University, Columbia Business School, the Indian School of Business and The Trinity School. He is a former board member of NASDAQ (2000-2003), the New York City Investment Fund.
On December 11, 2007, Pandit was named the new CEO of Citigroup, replacing interim-CEO Sir Winfried Bischoff. Pandit is the effective successor to Chuck Prince who resigned in November 2007 due to unexpectedly poor 3rd quarter performance, mainly due to CDO and MBS related losses.
Early Life and Education
The 50-year-old Pandit was born in Nagpur, Maharashtra, India to a moderately affluent Karhade Brahmin[2] family. Pandit did his schooling from the Dadar Parsee Youths Assembly High School, situated in Dadar, Mumbai. At the age of 16, he moved to the United States to attend college at Columbia University. He received B.S. and M.S. degrees in electrical engineering in 1976 and 1977 respectively, and later earned a Ph.D. in Finance in 1986.[3]
He is a trustee at Columbia University. He was a junior finance professor at Indiana University Bloomington in the mid-1980s before joining Morgan Stanley. As head of Morgan Stanley's institutional-securities division from 1994 to 2000, he pushed the company into more electronic trading and helped build the firm's prime brokerage services that cater to hedge funds. He led the institutional-securities business from 2000 until March 2005.
Pandit and his wife Swati reside at Central Park West and 81st Street. The apartment was purchased from the late actor Tony Randall for $17.85 million in September 2007. The 10-room apartment has 20 windows facing Central Park.
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( 2.9 / 13 )
The point of this blog entry is to elicit the emerging tale of two Indias - the India of "haves" and the India that belongs to "have nots." If this sounds to you like the repetition of the slogan "Two Americas" from John Edwards' campaign, you are correct! Every time I visit India I do see these two Indias. Some of my rich friends easily spend thousands of Rupees for just one meal. The same amount is the monthly wage for a lot of people (probably for the the majority in India).
When wages and earnings structure is so lopsided that the rich get richer and the poor either stay poor or get poorer, it is not good for the economy. It is not good for the nation.
BBC featured an article that draws our attention to this tale of two Indias. Tanya Kapadia, the newly rich woman, a PR executive apparently didn't blink buying a pair of designer boots for $1500 (I think the reporter did say $1500, not rupees).
I did some sleuthing to find out what those expensive footwear could look like. These boots (on the right) cost $885 at Macy's. Whatever she bought, it is nearly 70% more expensive than these $885 shoes. Quite honestly, it is the good looking women in these shoes , not just the shoes, appeal to the senses of men - all men. So, is the appeal for her here just fashion? One might wonder, heck even the US Secretary of State, Condy Rice is obsessed with fancy shoes even New Orleans was drowning and what a 28-year old hip Bombay executive to do? OK - I lose this round.
Here is an excerpt from the BBC article:
From a nation of savers, India is quickly turning into a nation of
spenders, leaving behind the austere, simple lifestyle of
pre-liberalised India, when spending was seen as unclassy.
This new generation of Indians is enamoured by brand names, empowered
by soaring stock markets and embracing the new culture of conspicuous
consumption.
But this is still largely the privilege of the wealthy. The change in
attitudes towards spending here is certainly a generational one, but
it's not being seen across all segments of Indian society.
Now, let's go to the India of "have nots." The same BBC Article mentions Zubeida Shadadpuri. Another excerpt from the article:
Zubeida Shadadpuri, like millions of Indians, barely makes enough to
feed her large family.
While incomes have risen in India, so have the prices of essential
goods such as food, putting even more of a burden on the backs of the
poor.
Out on her weekly shopping trip for fruits and vegetables, Zubeida
tells me that life for ordinary people in India is just becoming
tougher and tougher.
"The rich may be getting richer, but for us, the poor, life here is a
daily battle," she says picking up her weekly supply of vegetables.
"We end up spending more than what we earn - and it's not enough to
keep our homes running."
This is the story of India: a tale of two nations. Conspicuous
consumption and utter destitution live side by side here.
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( 2.7 / 13 )
Intolerance of other faiths has been the essence of extreme elements among all religions. As much as I would like to believe that Buddhists and Hindus are an exception, it is not true.Churches in Orissa come under attack.
A curfew has been imposed in parts of the eastern Indian state of Orissa after Hindu hardliners attacked up to a dozen Christian churches, police say.
.....
However it started, the violence appeared to culminate in the attacks on churches on Christmas Day.
Christians were chased out of several churches - in many case just mud huts with thatched roofs - before they were set alight, officials said.
.....
Christians said it was sparked by Hindus objecting to a performance they were staging to celebrate Christmas.
But a Hindu group said it began when Christians tried to attack a local Hindu leader on Monday, Christmas Eve.
[Click here for the BBC article]
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( 3.1 / 12 )
Mrs. Benazir Bhutto, June 21, 1953 – December 27, 2007
A lot is said about her death elsewhere. I have nothing more to add other than saying, "No matter what her politics are, she is one brave woman." She is one of the most charismatic leaders of our times. Rest in peace, Mrs. Bhutto.
From my blog entry on Oct 29, 2007:
If Musharraf-Bhutto power-share is the best US can come-up with in terms of foreign policy in the most volatile nation in the world, the world may be in for big trouble.
How True!
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( 2.8 / 11 )
Recently I came across this well written synthesis on a myriad of Bush Administration scandals. Hugh's list has over 292 scandals. Introduction: George Bush, the Connecticut cowboy, the good old boy from Yale is a man of mediocre intelligence, little imagination, and great stubbornness and vindictiveness. He may be the Decider but his handlers have long known how to manipulate him. The key is to hook him with short, simple sells. Karl Rove, Dick Cheney, and Condoleezza Rice know that once he has consulted his gut and perhaps his higher father his decision is forever. So whoever gets to him first is likely to carry the day because he doesn't like to be challenged and is, quite simply, too lazy to change his mind. The Bubble is a natural consequence of this decision making process where logic, reason, and facts have little or no role.
1. Ill-treatment of the wounded veterans at Walter Reed Hospital
2. Improper dismissal of US attorneys for not bowing to the pressure indicting
...and the list goes on. Here is some heavy reading for your holidays.
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( 3.4 / 14 )This being the end of the semester and final examination time, I am a bit tied-up at work. Haven't had much chance to post on this blog. I will do so shortly.
Mohan
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( 3.1 / 42 )
No. I am not kidding. Here is an excerpt from BBC.com article.Hindu gods get summons from court
By Amarnath Tewary
Patna
Painting of Lord Ram and Hanuman
The gods have many temples in their name Pic: Vivek Raj
A judge in India has summoned two Hindu gods, Ram and Hanuman, to help resolve a property dispute.
Judge Sunil Kumar Singh in the eastern state of Jharkhand has issued adverts in newspapers asking the gods to "appear before the court personally".
The gods have been asked to appear before the court on Tuesday, after the judge said that letters addressed to them had gone unanswered.
Ram and Hanuman are among the most popular Indian Hindu gods.
Judge Singh presides in a "fast track" court - designed to resolve disputes quickly - in the city of Dhanbad.
....
Gift
Judge Singh sent out two notices to the deities, but they were returned as the addresses were found to be "incomplete".
Local say the temple belongs to the gods Pic: Mahadeo Sen
This prompted him to put out adverts in local newspapers summoning the gods.
"You failed to appear in court despite notices sent by a peon and later through registered post. You are herby directed to appear before the court personally", Judge Singh's notice said.
.....
[More from BBC.com]
To all this I say, Rama Rama. Yemi chodyam Yemi Chodyam!
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( 2.8 / 34 )
In a Sept 25th entry on this blog I noted that actor Chiranjeevi will enter politics soon. Apparently, the big day is right around the corner. All the indications are that he is going to launch a new party with an emphasis on "backward" castes. A little bird's word to me is that Chiru will team-up with Bahujan Samaj party and a lot of Telugu Desam party veterans are ready to jump ship. Bhesh... old wine in new bottle!The following is an excerpt from an article at rediff.com:
-------------------------------------------------------------
As the political atmosphere in Andhra Pradesh is hotting up ahead of assembly elections, one and a half year away, there is fresh speculation over Telugu matinee idol Chiranjeevi's [Images] entry into politics.
While there was no word from the superstar, sources close to him say the exercise has begun to elicit views from people from various walks of life as a precursor to his foray into politics.
The actor is believed to have made up his mind to take the plunge and is likely annouce his decision after Sankranti fesival in January.
Chiru, as the actor is affectionately called by his fans and film industry, has been keeping the cards close to his chest about his political plans.
The leaders of powerful Kapu community, to which the star belongs, have been trying to persuade him to enter politics and end the domination of the two major castes -- Kamma and Reddy -- in the state.
However, Chiranjeevi who has a massive fan following across the communities, is said to be wary of being projected as a Kapu leader.
But he is expected to fill the leadership vaccum being felt among the numerically strong yet politically marginalised backward classes, scheduled castes, scheduled tribes and minorities.
Of late, there have been efforts by Left parties to project Chiranjeevi, who has acted in 148 films, as a rallying point for weaker sections and leader of a possible Third Front as an alternative to the ruling Congress and main opposition Telugu Desam Party.
The Left parties, particularly the Communist Party of India, have been in the forefront of efforts to forge a Third Front by roping in Chiranjeevi.
Media reports also suggested that Uttar Pradesh Chief Minister Mayawati-led Bahujan Samaj Party was keen on working with the actor.
Chirnajeevi's fans have been rooting for his foray into politics and are confident that he can repeat the magic of the late N T Rama Rao who had stormed to power within nine months of floating the TDP and ended Congress monopoly in the state in 1983.
Though speculation about his entry into politics has been surfacing on and off for the last 15 years, the actor maintained a stoic silence.
However, in recent times he is said to be holding parleys with his aides and well-wishers in a bid to assess the political situation.
Chiranjeevi, a Padma Bhushan awardee, has been active in social work and philanthropic activity through the Chiranjeevi Blood Bank and Chiranjeevi Charitable Trust he floated couple of years ago.
The reports of his possible political plunge evoked enthusiastic response from his fans who organised rallies across the state and burst into celebrations in anticipation of their leader donning the political mantle.
The major political parties reacted guardedly to the fresh buzz about Chiranjeevi's political entry.
While Chief Minister Y S Rajasekhara Reddy said he would welcome any one joining politics and "more so" Chiranjeevi, the TDP leaders said they would rather wait for the actor to announce his decision.
"In a democracy, anybody can join politics. Chiranjeevi is yet to announce his decision. Why should we comment before that?" senior TDP leader and former minister K Vidyadhara Rao said.
Echoing similar views, the state CPI secretary K Narayana said there was no clear-cut statement from the actor so far about his political plans.
CPI-M politburo member and state secretary B V Raghavulu said it was not the individual but the policies that matter.
Telangana Rashtra Samithi Member of Parliament K Vinod Kumar said the present political situation was completely different from the one that had prevailed when NTR launched a political party.
The 52-year-old actor was born in Mogalturu in West Godavari district and made his debut in 1977 with Mana Voori Pandavulu directed by noted Telugu director Bapu.
[more... form Rediff.com]
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( 2.9 / 11 )Last week the Wall Street Journal has an interesting article on the economic progress made by India and its impact on the caste system. The following are some excerpts.
Socialism and Castes Begin to Give Way; Lessons of 'Dumbo'
By PAUL BECKETT and KRISHNA POKHAREL in New Delhi and ERIC BELLMAN in Mumbai; November 28, 2007; Page A1
Since it gained independence, India has been defined by socialism, poverty and a Hindu caste system that determined a person's place in society from birth. Now, amid an explosion of economic growth, millions of Indians are embracing long-unthinkable ambitions: to lead a better life than their parents and create a better life for their children.
"My son would have followed in my footsteps 10 years ago," says Sanjaya Sharma, 39 years old. He works, as his father did, at a crematorium on the banks of the Yamuna River in New Delhi, where open funeral pyres sit on about 100 concrete slabs. Mr. Sharma's job is to ensure bodies are fully cremated and, if the children of the deceased aren't available, to pierce skulls with a stick in a sacred Hindu rite. Working one of Indian society's humblest jobs earns Mr. Sharma 200 rupees, or about $5, a day.
Now, the father of five says, "I don't want my children to do what I am doing. I want them to go into business, get educated, get a respected profession, learn computers and earn for themselves." Mr. Sharma and his wife push their eldest, a 14-year-old girl named Khushboo, to get good grades. Khushboo says she wants to get a "good private-sector job in Bombay or in America," using the old name for Mumbai.The new sense of possibility felt by Indians, many of them from the lower classes, is one of the most profound social consequences of the great economic reawakening of this nation of 1.1 billion.
Economic growth has averaged about 8.6% a year for the past four years, a rate that, if sustained, would double average incomes in a decade. Indian companies are snapping up Western rivals. Droves of Indian professionals, meanwhile, are returning home from abroad, seeing a greater chance here of entrepreneurial success. Poorer Indians are flocking from villages to the cities in search of new jobs and a better lot in life.
"There has been a psychological breakthrough," says André Béteille, chairman of the Indian Council of Social Science Research. The 73-year-old has studied Indian society since shortly after India won independence from Britain in 1947. "Substantial sections of the Indian population believe that they are as good as anybody."
There's demographic evidence to suggest that India's economic boom will continue. About one-third of India's population is under the age of 15. Over the next five years, India will be responsible for nearly 25% of the increase in the world's working-age population, according to an October World Bank report. China's population, in contrast, is rapidly aging; its working-age population is expected to fall to 57% of the total in 2050 from 67% in 2000, according to a separate World Bank report issued in September.
The Organization for Economic Cooperation and Development recently claimed India in 2006 became the world's third-largest economy after the U.S. and China based on purchasing-power parity, which adjusts exchange rates to equalize the cost of goods in different countries.
India's newfound ebullience contrasts sharply with the tragic aspects of this ancient land. Many of its rural residents, representing roughly 70% of India's population, still live in brutal poverty. Malnutrition, infant mortality and other childhood diseases are commonplace, especially in the countryside, because successive Indian governments have underinvested in health care and many public and aid-agency funds destined for the poor are siphoned off by corruption.
And it isn't the first time India has felt this kind of optimism. When it won independence, India's leaders believed the nation could secure a new and unique perch as a tolerant, secular democracy, especially if the steady hand of the state was on the economic tiller. Since then, India's stability has stood out against the turmoil that frequently roils neighboring Pakistan, which won independence the same year. But India's economic performance in the few decades after independence was so poor that it came to be referred to derisively as the "Hindu rate of growth."India also has seen short spurts of rapid economic growth before. It experienced three such years in the mid-1990s, but the boom fell apart with the advent of the Asian financial crisis.
Still, there is little to compare with what is happening in large parts of the country today -- changes that are altering how people live and what they aspire to. Domestic tourism companies are booking record numbers of sightseers. An advertisement for IFB Industries Ltd., a maker of washing machines, dryers and microwave ovens, features a smiling young woman looking at a spreadsheet on her laptop. "Housework on your mind?" it asks. "Set yourself free with IFB."
The opportunities open to young Indians are now vast compared with just a few years ago, and they go well beyond information technology and call centers. Whole new industries, free from the shackles of state ownership, offer a new generation a far wider range of choices.
"In my community, you should do only engineering or medicine," says 22-year-old Sunil Ji Bhat, referring to the two traditionally respectable professions for the upper classes. Under the ancient but still-influential caste system, Brahmins like Mr. Bhat are at the top. "Now, new things are coming up: Insurance, journalism, hotel management, and youth are very much attracted to these new fields."
[Click here to read the full article from WSJ (registration required)]
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( 2.8 / 45 )
In an article this week that examined the troubles brewing in Citigroup’s mortgage business, the Wall Street Journal focused on Natalie Brandon, a 51 year old married woman from Granada Hills, CA, who is currently unable to make the payments on her $625,000 adjustable rate home loan from Citigroup, despite the fact that the rate will not even reset higher until June of next year. Amazingly, the Journal reported that Mrs. Brandon bought the house in 1985 for just $105,000, but had chosen to refinance five times over the past seven years, borrowing more than $500,000 and spending every single penny. While this may be an extreme example of American profligacy, it is by no means unique. Unfortunately this type of behavior typifies everything that is wrong with the modern American economy.Had this homeowner behaved responsibly, as was typical for Americans of prior generations, her current monthly mortgage payments would likely be less than $600 and the remaining balance on her loan would be about $40,000. In eight more years she would have owned her home free and clear, and would likely be on track for early retirement. Instead, after 22 years of making mortgage payments, she is now $625,000 in debt. The article stated that she had recently tried to refinance into a 6%, forty year, fixed-rate mortgage, but it fell through. Even if she had qualified, she would have been obligated to make monthly mortgage payments of close to $4,000 until she was in her nineties.
For years, Wall Street and the media have been singing the praises of the heroic American consumer. To that end Mrs. Brandon could be portrayed as Wonder Woman. She did her part to power our consumer driven economy by borrowing and spending to her heart’s content. Her last refinance even allowed her to buy a brand new Lexus. As long as she could find a greater fool willing to loan her more money, there was no limit to what she could buy. As it turned out, Citigroup was the greatest fool, left holding the bag on a $625,000 mortgage on a house now likely worth only half that amount.
[More from an article The End of Consumer Credit As We Know It by Peter Schiff, Euro Pacific Capital, Inc.]
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( 2.9 / 34 )The following is a demonstration of intelligence, or lack there of. Apparently, chimps are better with numbers than us humans. Watch this fascinating video. In this video, a young chimp demonstrates its extraordinary ability to remember numbers by placing numerals in ascending order. [Click on the image]
You are thinking, we humans should be able to do it just as fast, right? Sure we can. But can you do what the chimp does in the following video? [Click on the image]
In case you were not able to view it, in the above video, a chimp is presented with numbers, from one to nine, which are then replaced with blank squares. The chimp shows it can remember which number appeared in which location and touches the squares in the appropriate order.
Now, for comparison sake, here is a beauty! I bet that chimp will beat this 'beauty' in the category of intelligence! [Click on the image]
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( 3.2 / 29 )
Heee. Heee. Of course, she later apologized for the comment. But, me thinks that she shouldn't have!
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( 3 / 29 )Real Estate that is. If you are into real estate business in India, here is more competition for you.
A leading Gulf property developer said on Monday it would team up with a local partner to invest five billion dollars in India's booming real estate sector over the next five years.
A flood of money, especially from the Gulf, has poured into the soaring property market in India, which experts say is among major nations where there is first-time real estate demand rather than only individuals trading up.
RAKEEN, property arm of the Ras Al Khaimah government, said it would form a 50-50 joint venture with India's Trimex mineral group to spend five billion dollars developing residential, commercial and office space in India.
The new company, RAKINDO Developers, "will have a committed capital outlay of over five billion dollars over the next five years," said its managing director Prasad Koneru.
"Our entry into real estate estate can't be better timed. The last 10 years have seen India achieve a transformation process" to create "a booming economy," he told reporters at the India Economic Summit in New Delhi.
Ras Al Khaimah is part of the United Arab Emirates federation, the world's sixth largest oil exporter.
RAKINDO "will deliver truly world-class products," said Khatar Massad, advisor to the Emirate's crown prince.
[more from Economic Times]
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( 3 / 12 )
Calendar
