Suits & sayings: Wackiest whispers and murmurs in corporate corridors & policy parlours

Masala Mix In Lafarge Sale
Now that French firm Lafarge’s entire Indian business is on the block, you would probably expect a scramble for its prized assets. But the list of potential suitors that have qualified for diligence shows that they are either marginal players or plotting an Indian entry through this acquisition or are actually making a debut in the sector. The firms that made it to the final rounds just a year ago, when two of Lafarge’s most profitable plants were on offer, have all been knocked out in the first round itself this time round. This has sparked speculation as to whether the entire process is being orchestrated to suit just a conglomerate from Mumbai planning a big bang entry and a smaller cement player from Gujarat. The plot thickens.
Gunning for Raghu
If you thought Subramanian Swamy is the sole BJP leader taking potshots at RBI governor Raghuram Rajan, think again. The recent outburst of power minister Piyush Goyal at a private function in Mumbai was an eye-opener for many seasoned industry reps. We hear that Goyal referred to Swamy’s academic and professional credentials while making his displeasure of the central bank governor quite public when some of the guests questioned the attacks on Rajan and the credibility of the gadfly. Goyal seemed piqued apparently because his pet project, Ujwal Discom Assurance Yojana, has faced RBI’s rap, although he claimed he had based it on one of the regulator’s concept papers. The severity of the critique caused quite a bit of a flutter, with those present wondering if all this was part of a bigger plan of the government to test waters before taking a call on Raghuram Bond Rajan’s reappointment.

Missed Call Mandate
When Vodafone finalised the bankers earlier this month for its mega Indian IPO, it left out two leading American investment banks. This led to quite an upheaval in these banks because their India heads, both seasoned dealmakers, had pitched to be part of the $2.5-billion issue. One of the two banks had even been blacklisted in the past by one of Vodafone’s rivals for choosing the London-based telecom operator. For the record, both the banks are blaming the development on conflict of business interest, but there are few takers for this reasoning. Clearly, you can’t take your clients for granted.

Gateway Of India Chat
The Modi government spares no effort to show that it means business. Now, it’s the turn of the external affairs ministry, which is organising a two-day conference on the intersection of foreign relations and economic development. Aptly titled ‘Gateway of India Dialogue’, it will be held in the country’s financial capital, and not Delhi, on June 13-14. Sushma Swaraj, Jayant Sinha, Dharmendra Pradhan, Nirmala Seetharaman, Kiren Rijiju, Deepak Parekh, Anand Mahindra and Anshu Jain are among those expected to participate.

Rainmakers’ Musical Chairs
Rainmakers of global investment banks who buy and sell business for companies continue to be on the move amid shrinking deals and competition from local investment bankers who cut costs to the bone. The managing director of an American investment bank has quit and told his close friends that he is taking a break before he firms up his future plans. Then there is the woman investment banker, who is likely to leave her boutique firm and join a local investment bank whose parent bank is racing ahead to take the top slot among India’s most valuable lenders.

Spreading The Word
Bankers may be considered endangered species these days, but a senior executive at a storied emerging markets franchise appears to have taken this so seriously that he went out of his way when he was elevated recently following reallocation of work responsibilities. We hear he wanted scanned copies of press clippings that carried the news of his promotion to be sent out to key corporate clients to show who the real boss in the organisation is. Smart move or cutthroat in-house competition?

Just In Case Cyrus Asks You This
Who’s the chairman of 3M? You’d better find this out before you seek an interview with Tata Sons’ chairman Cyrus Mistry. Journalists are often left scratching their heads when Mistry deflects interview requests by asking such counter questions. Mistry likes to keep his distance from the media, unlike his predecessors but quite like the 3M chairman Inge Thuli, the elusive head of the American diversified conglomerate formerly known as Minnesota Mining and Manufacturing Company. Thuli prefers interacting with customers, employees and shareholders instead of the media. Mistry too would like to keep it that way and let CEOs of group companies talk to the media.

Did It CliQ With Mistry?
Tata CliQ, the e-commerce marketplace of Tata Group, may have crashed shortly after launch on Friday but it did have a powerful beta tester in the run-up to the launch. We hear that group chairman Cyrus Mistry would check out the site and mail suggestions and issues he faced. Any guesses how many times the customer service had to apologise for his inconvenience?

I-Banker’s Smart Real Estate Deal
Many investment bankers may be busy playing musical chairs in a dull market, but a well-known executive from a Swiss bank is said to be readying to reap the harvest of a sound real estate investment he had made in one of the toniest parts of Mumbai some years ago. The building is undergoing a redevelopment and the banker could end up making fat returns on his investment. Moral of the story? Deals or no deals, i-bankers make money!

Ethiopian Cabinet At Raymond Boss’ Pad
India’s largest woollen suiting maker has been in turnaround mode for the past few quarters as it is betting on a new plant in Maharashtra and another overseas in Ethiopia. The Ethiopian government has given Raymond free land, subsidised power and quick permissions to build a factory in the country to generate jobs for its citizens while the Indian company can use it as a hub to export apparel and suiting to the western world. Little wonder then that a fortnight ago the entire Ethiopian cabinet including its prime minister of almost 15 years headed for Gautam Singhania’s residence to sign the deal with the company.