Word: bhandarkar
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...frenzy in India similar to the ones that engulfed the U.S. and European markets. An Indian auction house, Osian's, even began marketing a sort of mutual fund for fine art. Artists, too, developed unrealistic expectations. "Everyone wants to be Damian Hirst overnight," says Mumbai gallery owner Jai Bhandarkar...
...they do in London, Tokyo and New York. As the markets plunge - the main Mumbai index, the Sensex, is down 36% since January - many of Mumbai's wealthy financiers are beginning to spend less in the city's galleries and luxury boutiques. "I'm extremely worried," says Jai Bhandarkar, owner of an art gallery in Colaba, one of Mumbai's toniest neighborhoods. "The spending power of the people who collect art is going to be affected. The art market has already gone down so much...
...show proof of its solvency. The market turbulence is especially worrying for India's middle classes, who have just begun investing on their own in a big way. (A new Bollywood movie, Saas, Bahu aur Sensex - Mother-in-Law, Daughter-in-Law and the Sensex - captures the craze.) Bhandarkar, an avid investor himself, is worried: "How can a $60 billion loss not have an impact?" When it does, the party may finally have to end. - by Jyoti Thottam...
...Corus agreed last month to an $8 billion takeover bid by Tata Steel. The deal is the largest-ever Indian acquisition of a foreign firm, and it will catapult Tata from the world's 56th largest steel producer to the fifth. "All credit goes to Ratan Tata," says Sanjay Bhandarkar, managing director of the N.M. Rothschild private bank in India. "He clearly has a vision and knows what he's doing...
...same holds true for the latest steel deal: it fills a gap. Corus makes a wide range of high-end products not in Tata Steel's repertoire. The pairing will give Corus access to cheaper steel while handing new markets and know-how to Tata. Says Rothschild's Bhandarkar: "Other Indian groups look at things opportunistically. Tata is the only one with an international strategy." An eye for strategy clearly runs in the family. Group founder Jamsetji Nusserwanji Tata knew how to turn a profit. But J.N. also had a patrician vision of spreading wealth and lifting a nation...