THE HIGHEST CIRCLE
The new club of the power elite, still dominated by moguls and mavens, is a celebration of India’s creative brio as well
It is as if only irony alone can bring some cheer to these bleak times.
The most feted millionaire today in India and elsewhere is a slumdog. Maybe, as in the movie, only wit and perseverance can keep you on top of the game at a time when the lights are going out all over the highest shrines of capitalism. In the gathering darkness, desperate invocations have a socialist resonance. And suddenly, the cold breeze of mortality is wafting across the pinstriped republic of plutocrats, that sovereign state within the state that looked infallible till the other day. The unthinkable is upon us. The masters of the universe have feet of clay. Still, despite all the news of Apocalypse Tomorrow, let’s not be fooled. The traditional relationship between wealth and power remains intact. The front row of the power elite— the Establishment—is reserved for people who know how to create wealth and play with it, no matter even if they are poorer by a few billions in the wake of the economic downturn. The sweep of their power, though, is not directly proportional to the size of their wealth; and that is why the richest is not necessarily the most powerful. Power is all about the ideas and attitude of the one who wields it. The business class that still dominates the Higher Circle tells more than a story of survival; it essays the boldness and ingenuity of a few who still make a difference to the lives of the rest—for better or worse. Today, in the age of bail-outs and stimulus plans, they may have realised the uses of governments but their power is not subordinate to the rulers of the day. That said, the INDIA TODAY Power List 2009 shows a shift in hierarchy, a shift that reflects an India where the money is matched by the mind. India is the stage on which some of the most exuberant shows on earth are mounted. India is the page on which some of the finest words are written. And we won’t be surprised if Jai Ho becomes a global ring tone. Call it the reach of India’s soft power. As the bad news from the free market multiplies, there is at least something to be happy about: the cultural capital is not melting down. And this list, though mostly populated by the usual suspects of moguls and mavens, is a celebration of India’s creative brio as well. The classical architecture of the Establishment—built on the triangular structure of government, the military, and business—hardly exists in democracies. Usurpers and innovators continue to shatter its cosy equilibrium.
The rustle of the following pages carries the power of the few whose privilege may be exclusive but not eternal.
10.
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| G.M. RAO, 59, Industrialist |
Master of All Trades
Because he is steering the makeover of the eponymous GMR Group from a domestic player in the infrastructure business to a global player with a presence in seven countries.
Because with the Rajiv Gandhi International Airport in Hyderabad, completed in a record 30 months in March last year, he proved India can have world class facilities.
Because even as the Group built the new terminal at the Delhi airport, it ensured an enduring connect with the Delhi Daredevils in the IPL contest.
Big buy Acquisition of 50 per cent stake in Intergen, a leading global power generation company, at a cost of approximately $1 billion, making the Group the largest private power generation company in India.
Little known fact A mechanical engineer by training, he was employed in the Public Works Department of Andhra Pradesh before he resigned to turn a jute trader.
Should be embarrassed about The foray into insurance, creating ING Vysya and finally pulling out of it.
9.
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| KUMAR MANGALAM BIRLA, 42, Industrialist |
Heir Rising
Because despite the economic downturn, the consolidated revenues of the Aditya Birla Group are still $28 billion and he has a footprint that straddles 25 countries.
Because his companies have attained global leadership and are among the world’s most cost-efficient copper and aluminum producers.
Because a year of quiet consolidation has seen the Group’s retail operations touch 615 supermarkets and two hypermarkets.
Because thanks to a new will by grandfather B.K. Birla, a large part of the Rs. 5,000-crore empire will be inherited by him.
Biggest stress buster Shooting with his Morini pistol at the Maharashtra Rifle Association’s shooting range in Worli, Mumbai.
Recession mantra Consistent cost management is holding the group in good stead today.
Road ahead Wants to make the Aditya Birla Group a part of the Fortune 150 club by 2014.
8.
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| SAMIR & VINEET JAIN, 54 and 42, Media Barons |
News Worthies
Because not only do they have the largest selling English language daily in the country at 32 lakh copies a day, and the largest English language financial daily selling seven lakh copies every day, but also their television news channel has become the highest rated in that genre.
Because they are the largest private players in radio, with 32 stations across India, to which they have added a foreign acquisition, Virgin Radio, as well.
Because they are the only ones brave enough to launch a business channel slam bang in the middle of a recession.
Because with cash reserves of Rs 3,400 crore, they are best equipped to ride the economic storm.
The big divide The Vice-Chairman now looks after print and the Managing Director after everything else.
Big change Mother Indu Jain no longer visits the office.
The big acquisition Of the soon-to-be-husband of back-from-Stanford daughter Trishala who has been ensconced in the fourth floor of Times House.
Facing the axe The Times of India’s edit page.
7.
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| SHASHIKANT & RAVI RUIA, 66 and 60, Industrialists |
Heavy Metal
Because in a year when the economy is in a state of shock, the group is set to double its revenues from last year and with new businesses, expansion in steel as also the refinery going on-stream, their revenues will touch a trillion rupees by 2011.
Because while other companies are talking about shelving plans, the brothers are investing over Rs 15,000 crore in steel alone, taking their production capacity to
14 metric tonnes per annum, and pledging over half-a-billion dollars to telecom operations in Africa.
Because their businesses span sectors, from 1,500 gas stations through which they will retail petroleum products across India to Aegis, their BPO operations with 35,000 employees.
Recession mantra Keep your head down, believe in yourself and your people during tough times.
Little known fact With 10,000 employees in the US, Essar Group is the largest Indian employer there.
Smart strategy With a majority of group companies privately-held, the Ruias are insulated from the vagaries of the stock market.
6.
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| AMAR SINGH, 54, Politician |
Man in the Middle
Because his support to the government makes it compliant to his demands and the moment he criticised the then finance minister P. Chidambaram for inflation and Petroleum Minister Murli Deora for his ‘anti-people’ (read anti-Anil Ambani) policies, the media assumed there would be a reshuffle.
Because when the Congress dithered over seat sharing in Uttar Pradesh, he worked out a political realignment with Sharad Pawar over dinner that brought the Congress to the negotiating table.
Exchange programme Substituted Prakash Karat for the Gandhis as his new best friends. Says he sees “a ray of hope” in Sonia and Rahul.
The rethink “I have already said that 1999 was a mistake,” he says, explaining Samajwadi Party’s decision not to support a Congress government at the Centre then.
And finally Has stopped wearing his 10-carat diamond ring because “people said I was wearing it for my Venus angle but the real reason is that my wife gave it to me”.
5.
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| SHAHRUKH KHAN, 45, Actor |
Yes He Khan
Because he is everywhere, at once, as a movie actor, cricket team owner, television producer, sometime television host and ambassador of 10 brands, who was the most visible celebrity on TV in 2008.
Because everything he does makes headline news, from a tiff with Salman Khan to a patch-up with Amitabh Bachchan and his film, Rab Ne Bana Di Jodi, almost salvaged a studio, Yash Raj Films.
Because he is emerging as a spokesman for Islam at a time when the religion is under global attack and though Pepsi may have dropped him as their brand ambassador, young people see him as a Bollywood outsider who made it to the top through sheer grit.
Because whether it is anchoring a film awards night or promoting his movie in a reality show, he can be counted on to perform.
Funniest thing anyone ever said to him Nice try, sir. An SMS from someone after one of his movies.
Biggest joy Sleeping in bed between his children Aryan and Suhana and constantly being kicked by them. And watching them ski in Austria.
Latest reads The Yuck Book. “My daughter made me read it.” Artemis Fowl’s The Time Paradox and Daniel Suarez’s Daemon.
4.
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| SUNIL MITTAL, 52, Industrialist |
Ring King
Because in a business where he is competing with Tata, Birla, Ambani and Vodafone, he is the biggest, and in an era of gloom, has proved to be an island of boom.
Because given the lead of 25 million, even if Airtel stood still, it would take the nearest competitor nearly 12 months to catch up.
Because with annualised revenues of Rs 38,000 crore for 2008-09 and profit before tax of
Rs 15,000 crore, Airtel is among the most efficient money machines and by 2013, Bharti will be a trillion-rupee group.
Because he is engaged in the transformation of telecom into a lifestyle business, ranging from calls to games, from movies to music, making a big play for the Indian mind-share with Bharti Airtel Triple Play, Telephone, Broadband and TV, on a single line.
Because Best Price, his tie-up with Walmart, will take off by June. Because without doubt, he is the face of the new Indian entrepreneur.
Little known fact Airtel has over one million outlets and recharge stores.
Is looking forward to His daughter Eiesha’s wedding.
Fitness is Walking for an hour in Lodhi Gardens.
Music means Ghazals by Jagjit Singh.
3.
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| ANIL AMBANI, 51, Industrialist |
Mr Big
Because he is Mr Big in every segment he has a presence in, from power to entertainment, from roads to coalfields.
Because his influence across the country’s political spectrum is unmatched and he bagged three big ticket power projects even with an unfriendly government.
Because by 2015, he could be the biggest infrastructure player in India.
Because he is setting up 32,000 MW of generating capacity, building 500 km of roads, the Delhi Airport Express Metro line as well as the Mumbai Metro project.
Because even as many are downsizing, he will be adding 16,000 employees this year.
Because his tie-up with Steven Spielberg and movie production alliances with Hollywood stars from George Clooney to Nicolas Cage make him a formidable name on the entertainment marquee.
Idea of a binge Kesar pista ice cream on Wednesday nights at India Gate on the way to the airport to fly back to Mumbai on his Global Express.
Image makeover Has now switched from flashy Armani to conservative suits.
Is proud about The 700-bed super specialty hospital which has been
set up by wife Tina.
Is happy about Having improved his mileage. He now runs 18 km every day.
2.
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| MUKESH AMBANI, 53, Industrialist |
Wealth Creator
Because he did not succumb to either corporate fad or government pressure, staying away from investing in overseas acquisitions and sticking to building Greenfield assets that deliver 20 per cent returns on investment.
Because RIL is likely to end the year with a growth of over 20 per cent with income rising to over Rs 1,60,000 crore from Rs 1,39,269 crore last year, and at a time when everyone is strapped for money, he is swimming in nearly Rs 30,000 crore of cash.
Because his gas fields KG-D6 will begin production this month, saving India over $10 billion in foreign exchange.
Agenda Shifting into their new home on Altamount Road.
Is proud that Low cost gas from KG-D6 will bring down subsidies on power, fertilizer and LPG costs, therefore the fiscal deficit.
Current obsession Preparing twins Akash and Isha who are leaving to study in the US.
Power moment First Indian to meet US President Barack Obama within a month of his taking office.
He believes His dream of farm-to-fork revolution will happen next.
1.
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| RATAN TATA, 72, Industrialist |
Never Say Die
Because in India’s hour of terror, he acted more statesmanlike than any politician.
Because he spoke for the nation in every crisis, whether at Singur or when The Taj was
being attacked in Mumbai, personifying India’s fighting spirit by ensuring the hotel
reopened within a month.
Because he embodies ethical entrepreneurship even when being challenged with dire circumstances and notwithstanding Mamata Banerjee’s opposition, rolled out the
Nano at the promised price last year.
Because despite the recession, his group’s turnover touched $100 billion last year,
and he has not yielded to pessimism, whether on Corus or on the Jaguar Land Rover deal.
The big number A valuation of $10 billion for the telecom business when the Japanese major DoCoMo paid $2.7 billion for a 26 per cent stake.
Quotable quote “Some Ms are good and some are bad.”
Y2K Most of the cars that he drives have the number 2000.
Hot wheels A Metallic Blue Maserati.
Is known to Take the controls of his private jets.
