Getting to Know Mumbai

Our first meeting of the morning was with Leo Puri from UTI Mutual Fund, one of the most well-regarded public lenders in India. The UTI Tower was located somewhat outside the city center; the view from the conference room was spectacular! Mr. Puri discussed financial regulations, privatization versus disinvestment, the political economy of various policy proposals that the class is interested in, and his own work at UTI. Our conversation with Mr. Puri contrasted sharply with the meeting we had with the Indira Gandhi Institute of Development Research’s professors — unlike the academics, Mr. Puri was eager to make decisive recommendations for and against specific policy proposals.

After our meeting with Mr. Puri, we piled back into the bus for a short break at the hotel. Even though we were supposed to have five hours between our first and second meetings of the day, the reality of traffic in Mumbai (think congested like an imminent stroke patient’s arteries, and cacophonous with people, car horns and hawkers at every turn) ate away well over half of our break time, most of which was spent regrouping for our second meeting of the day, with Manish Kejriwal (a Dartmouth alum) and others at Kedaara Capital Advisors LLP.

Our meeting with Mr. Kejriwal and his associates began just as the sun was setting and the view from the 38^th floor of the Sunshine Tower — which overlooks a stretch of Mumbai skyline that includes a ninety-floor tower whose construction has been halted for over a year due to code violations — showed Mumbai off impressively. Mr. Kejriwal and his associates shared their educational backgrounds (IIT and American university degrees), and discussed their respective paths to Kedaara Capital. They then fielded questions on a wide range of topics, including the elections (who do they support? The BJP? Why? Because Modi will likely be more friendly to business) and what business needs from the next government.

Finally, Ronnie Screwvala and Zarina Mehta, founders of the Swades Foundation, hosted our group for dinner at their swank apartment. Most of the foundation’s executive team joined us for a delicious and enlightening meal. We learned about the foundation’s founding principles, organizational framework, and major projects. The dog lovers among us were also delighted to meet Ronnie and Zarina’s tremendously friendly and fluffy yellow labrador, Sprite.

By the end of the night, our entire group was tuckered out from the day itself and residual jet lag; most of us fell soundly asleep on the bus back to the hotel. As we have quickly realized, sleeping on the bus is imperative when traveling in Mumbai takes two to three times as long as would be the case in the States.