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Suit auction: NRI bids Rs1.11 crore for Narendra Modi’s bandhgala

The suit that created waves and kicked up a political storm will be auctioned along with 455 items that PM Modi had received as gifts to generate funds for the ‘Clean Ganga Mission’

 

A non-resident Indian (NRI) has bid Rs1.11 crore for Prime Minister Narendra Modi’s pinstripe monogrammed bandhgala suit that he wore during US President Barack Obama’s visit to India last month.
 
Viral Chowksi, the NRI made the offer at the three-day auction which commenced on Wednesday.
 
Another businessman Suresh Aggarwal made an offer of Rs1 crore for the suit. “I have offered Rs1 crore. This is work of charity and when the Prime Minister is doing for a great cause like cleaning of Ganga, I decided to go ahead and buy the suit,” he said.
 
Another Raju Aggarwal offered Rs51 lakh for the suit, saying it was for a noble cause.
 
The suit that created waves and kicked up a political storm will be auctioned along with 455 items that PM Modi had received as gifts during his nearly nine-month long tenure to generate funds for the Prime Minister’s ambitious ‘Clean Ganga Mission’.
 
“Prime Minister Narendra Modi’s suit, which he wore during his meeting with President Barack Obama last month, along with other 455 items that he received as gifts during his tenure as Prime Minister, will be auctioned at a three-day event in Surat,” says Surat Municipal Commissioner Milind Toravane.
 
The gift items belonging to Prime Minister Modi is a national treasure and the money generated from the auction will be utilised for the ‘Clean Ganga Mission’, he added.
 
The event was organised at SMC’s Science Convention Centre at city-lights road in Surat as the Prime Minister’s Office (PMO) had decided to hold the auction event in the city.
 
Modi during his chief ministerial tenure in Gujarat had initiated a trend to auction the gifts that he received in a year and it was donated to Kanya Kelavani Yojna for girl child education, he said.
 
Modi was photographed wearing the suit during his summit talks with Obama in Hyderabad House in Delhi on January 25 and at a joint media appearance that followed the meeting.
 
Photographs of the suit on a closer inspection showed that the stripes were actually tiny letters spelling out his name in full – Narendra Damodardas Modi – and embroidered on the fabric vertically down the stripe.
 
The suit had triggered a debate in social media while the Prime Minister was slammed by his political opponents for wearing an expensive suit. Senior Congress leader Jairam Ramesh called Modi a “megalomaniac”.
 
Toravane said no base price has been fixed for any of the items to come under the hammer.
 
Congress vice president Rahul Gandhi also had raked up the issue of Modi’s expensive suit during the campaign for Delhi assembly polls in which BJP was routed. Some reports said the suit cost nearly Rs10 lakh.
 
Discussions on whether the suit, which from a distance appeared to be a classic navy blue pinstripe design, was fine style and good form or a thinly-disguised show of narcissism coursed through social media, even attracting global media attention.
 
Tweets flew thick and fast, including comparison with former Egypt President Hosni Mubarak who is known to have a similar outfit.
 
Congress leader Ajay Maken said the auction was a “damage control” exercise by the Prime Minister who was “widely criticised” for donning such a suit. 
 

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COMMENTS

MG Warrier

2 years ago

In response to a Washington Post report, I had given my view. Link below:
Fashion Savvy Modi . . . . .
http://www.washingtonpost.com/blogs/worl...

M G Warrier Warrier
8:42 PM GMT+0530
Happy to know that Washington Post is taking note of the transformation India is undergoing in 21st Century. About the cost worries in regard to the frequent changing of quality attire by our PM Narendra Modi, one is tempted to recall that M K Gandhi and Motilal Nehru were dress conscious while Vivekananda, Mahatma Gandhi and Jawaharlal Nehru had also signature brands when it came to the dress they were wearing when making public appearance. Our own Rahul Gandhi raised objection about the heavy expenditure on Modi's suit. Perhaps enough had been saved by the generation of Mahatma Gandhi so that present generation can afford luxurious attire!
M G Warrier(Author of Banking, Reforms & Corruption: Development Issues in 21st Century India: Available at Flipkart)

Nippon Life gets regulatory nod to increase stake in RCAM to 49% from 26%

Nippon will be investing about Rs657 crore to acquire an additional stake of 9% in RCAM in the first tranche, to reach a 35%. The transaction pegs Anil Ambani-led RCAM’s valuation at Rs7,300 crore

 

Reliance Capital Asset Management (RCAM) on Wednesday said that it has completed the regulatory clearance process for the sale of additional stake to Japan’s Nippon Life Insurance. RCAM said it received necessary approvals from Competition Commission of India (CCI) and the Employees Provident Fund Organisation (EPFO).
 
The deal is now expected to close by next week.
 
Nippon Life Insurance, which manages $500 billion in assets and is among the largest in the world, had agreed in November 2014 to increase its stake in RCAM from the existing 26% to 49% in multiple tranches, subject to regulatory approvals.
 
RCAM runs Reliance Mutual Fund, the country’s leading fund house, and is a part of Anil Ambani-led Reliance Group’s financial services arm Reliance Capital.
 
In a statement, Reliance Capital CEO Sam Ghosh said that the approval from CCI and EPFO for this transaction would help RCAM expand its reach and offer superior returns and innovative products to its customers and investors.
 
“We look forward to completing this transaction by next week,” he added.
 
The boards of both the companies — Nippon Life Insurance and RCAM — have already approved the additional stake sale to the Japanese partner.
 
Nippon will be investing about Rs657 crore ($108 million) to acquire an additional stake of 9% in RCAM in the first tranche, to reach a 35%. The transaction pegs RCAM’s full valuation at Rs7,300 crore ($1.2 billion).
 
Subsequently, Nippon will have an option to increase its stake further by an additional 14%, to reach 49%, in tranches.
 
RCAM is the largest asset manager in India managing Rs2.3 crore ($36.9 billion) as on 31 December 2014, across mutual funds, pension funds, managed accounts and offshore funds.
 
Nippon Life is already a strategic partner in RCAM and had acquired a 26% stake for Rs1,450 crore ($240 million) in 2012. The transaction pegged the total valuation of RCAM at around Rs5,600 crore ($920 million) at that time.
 
The 125-year-old Nippon Life is the world’s seventh largest life insurer and the biggest private life insurer in Asia and Japan. 
 

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