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

ET’s weekly roundup of the wackiest whispers and murmurs in corporate corridors and policy parlours.
Search Resumes Some years ago, a leading conglomerate was hit with a gust of bad publicity, thanks to its PR firm. The diversified group had to sever relations with the firm and hire a new one with a global parentage. Sources say the group is again scouting for a PR agency as the contract with the existing firm is getting over and several firms are said to be in the running, including the incumbent. A decision is imminent.

Prime Time Deal Making There are those who like to put their head down and finish the job in hand quietly and without making a fuss. And then there are those who want the whole world to follow their every little move. The Tata Group has been meeting a variety of people during negotiations for their UK steel assets. One suitor wanted to fly in for a plant recce on his helicopter. Only problem was--no helipad. Later it dawned that the reason for the request was that it would have made for dramatic prime-time TV.

Bijli Ka Bharta Bijli is your bloke when it comes to entertainment. The man has transformed the way we watch movies in India, thanks to his PVR chain. But Ajay Bijli is a gourmet as well as a welltravelled foodie. Thus the news of his new food and beverage venture in a leading business district of the financial capital has got potential patrons salivating. PVR’s movie experience has already set a benchmark — spoiling its patrons with light bites, fine wines and spirits and even concierge services in its exclusive offerings. Naturally, the gourmands of the financial capital will settle for nothing less than a premier fine-dining experience from Bijli’s new business.

Late Night Call It was around 9-9.15 pm on Tuesday that one of the beneficiaries of the recent ministerial changes came to know of his elevation. “I got a call from the Cabinet Secretary, notifying me of my new portfolio. I was asked where I was. I said I was out of town and that I would be back the next day,” the minister told his inner circle later. “Nobody knew.” This was the level of secrecy with which the changes were carried out. This person got a pleasant surprise. Of course, not everybody did.

Daga The Deal Maker Aditya Birla-owned UltraTech last week clinched a deal to buy the cement business of debt-laden Jaiprakash Industries after a stiff fight with Sajjan Jindal’s JSW Cement and American private equity fund KKR. The word is that the conglomerate won the 21 million tonne cement business thanks to some deft moves by UltraTech chief financial officer Atul Daga. Daga has been with the group for more than two decades, including a stint as executive assistant to founder Aditya Vikram Birla. He made some important changes in the agreement that pleased both the lenders and the Gaurs of Jaiprakash. The moves, obviously, had the approval of big boss Kumar Mangalam Birla.

Taxi Trauma The rains in Mumbai cause havoc for daily commuters every year. Last week, a top boss learnt this the hard way. Already late for an important meeting at the midtown One Indiabulls Centre, his car broke down in the middle of the road. Getting an Uber was next to impossible but he managed to flag down a regular black & yellow cab. But when he reached his destination, the cab was blocked by the security gaurds. Regular taxis are not allowed inside, he was told even as several Ubers and Olas gleefully went past him. When he pointed this out, the guards said their rulebook discriminates between the two. Clearly, Ubers are meant for the saab log, regular taxis for the blue collar types who can jolly well walk to the office from the gate.

Tough Reviews, Tougher Decisions Last week, before boarding a flight to Africa, Prime Minister Narendra Modi expanded his ministry. The grapevine says he reviewed every important ministry, each of these lasting around five and a half hours. Finance minister Arun Jaitley had a one-onone meeting with the PM. Soon after the review meetings, he went into a two-hour huddle with the party’s top brass that included Amit Shah. The final decisions came soon after that.

Mortgage Head To Home Buyer Recently, the head of one of India’s largest mortgage lenders turned home buyer. The low-profile boss, who rose up the ranks to the top, has purchased a spacious home in one of the toniest localities of Mumbai in Worli. Owner of a substantial stake in the mortgage company by virtue of his long service at the firm, he will be a neighbour to several members of India’s corporate elite such as the former boss of an American private equity fund.

Tired But Rich Last week two entrepreneur-brothers and an American private equity fund saw their bank accounts swell. After selling their specialty tyre company to Japan’s Yokohama Rubber Co. for $1.2 billion in March, the Mahansaria brothers, Ashok and Yogesh, received their bounty of $189 million for a 10% stake, while KKR headed by Sanjay Nayar got nearly $1 billion, which is more than a threefold return on its investment in the tyre company. A rival fund that sold its stake in the company earlier missed out on a bigger payout.