Outlook Business - March 2 2013.pdf

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Think beyond. Stay ahead.

March 2, 2013 40

www.outlookbusiness.com

PRIVATE

EQUITY

EQUITY

S PECIAL

SPECIAL

Q

WAITING GAME

A NUMBER OF PRIVATE EQUITY INVESTORS ARE STUCK IN THE MIDDLE,

STRUGGLING TO FIND PROFITABLE EXITS. CAN THEY

FIND BUYERS FAST ENOUGH?

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| EDITOR’S NOTE |

Payback time

Wa rren Bu ett once famously remarked,

“Only when the tide goes out do you discover

who’s been swimming naked.” The legendary

investor was speaking in the context of

equity investing, but it is as applicable to all

investments made during a time of plenty.

While many a deal in the private equity

space has delivered an excellent return,

several have gone awry as well. During

the 2007 boom, the industry saw its share

of irrational exuberance. The usual sins

followed: too much capital chasing few good

businesses and heightened optimism leading

to distorted fair values and rosy forecasts.

Predictably, the outcome has been not so

pleasing. Many private equity investors are

now desperately looking for buyers for their

investee companies. The pain is more acute as

many funds are nearing the end of their fund-

life without having shown a decent return.

In our cover story that starts on page 64, as-

sociate editor Kripa Mahalingam writes about

the challenging times faced by private equity

investors today. But like all proverbial clouds,

this too has its silver lining. Even as some in-

vestors are busy placating their principals,

there are others who have let go of creature

comforts to venture out on their own. Backed

by a track record, they have raised a fairly de-

cent corpus and are busy deploying it.

In other stories, we have a take on Mari-

co’s decision to spin-o Kaya. It seemed like

a great idea when Marico decided to enter

the skincare business many years ago. A er

all, vanity is recession-proof and the young

and the indulgent were expected to play ball.

But the bottom-line has not played out as

planned. A er constant nudging from insti-

tutional shareholders, promoter Harsh Mari-

wala has nally cut Kaya loose. The story on

whether Kaya will exhibit radiance from now

is on page 38.

Another interesting piece is on the rising

popularity of western musical instruments.

Guitar, drums and synthesisers are replacing

sitar , tabla and harmonium. While it’s sad to

see the slow death of Indian classical music,

the market for western instruments is grow-

ing by leaps and bounds. Find out on page 30

which companies are making merry.

1

N MAHALAKSHMI

www.outlookbusiness.com | email: mahalakshmi@outlookindia.com

Outlook BUSINESS / 2 March 2013

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Contents

Volume 8, Issue 5, March 2, 2013 | Released on stands on February 16, 2013

16, 2013

COVER STORY

Show me

the money

64

They made a grand entry during the boom.

But now, many private equity funds are

ﬁ nding it difﬁ cult to get buyers for

their investments

10 Think Beyond. Stay Ahead.

First in, ﬁ rst out sums up media ma-

ven Ronnie Screwvala’s strategy. But

that’s in hindsight, he says

REGULARS

2

6 Imagenation: Kamal Haasan’s

Vishwaroopam saw as much, if not

more, action off-screen as on it

The second coming

Even as older players struggle, a few private

equity veterans have started their own funds

Guest commentary

Srivatsa Krishna

16 View: Rishikesha Krishnan on

how companies should target MSMEs

in a highly fragmented market

Refreshing Brews

Exotic Flavours!

Tulsi Honey Chamomil e

22 Graphically speaking: While

the e-commerce business is booming

across the globe, the Indian market is

yet to see that level of traction

Tulsi Green Tea - Lemon Ginger

Tulsi Green Tea - Pomegranate

For product availability, pls. Contact: saurabhtiwari@organicindia.com

2 March 2013 / Outlook BUSINESS

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