Kalyan Jewellers has received Rs1,200 crore investment from private equity firm Warburg Pincus, in return for a minority stake
Private equity firm Warburg Pincus has invested $200 million (about Rs1,200 crore) in Kerala-based jewellery manufacturing and marketing firm Kalyan Jewellers. The PE firm would get a minority stake in Kalyan Jewellers in a deal that is largest PE investment in this segment in India.
The company is planning expansion of outlets both in India and abroad and is eyeing a revenue of Rs25,000 crore. With 55 exclusive outlets in India, across South India and Maharashtra, Gujarat, National Capital Region (NCR) and Punjab, Kalyan Jewellers is looking at expanding the number of exclusive outlets in existing markets as also foray into newer regions with emphasis on the North and the West of the country.
“Warburg Pincus’ investment in Kalyan Jewellers is the largest private equity investment into the jewellery industry in India,” Vishal Mahadevia, Managing Director and Co-head India, Warburg Pincus, said in a statement.
The company has been engaged in brand building exercise with top Bollywood actors Amitabh Bachchan and Aishwarya Rai Bachchan representing the brand nationwide, since 2012.
Founded in 1993 and headquartered in Thrissur, Kalyan Jewellers is into jewellery manufacturing and distribution.
A healer must have a large heart coupled with a strong and well-trained head
Richard Smith, a former editor of the British Medical Journal, once wrote in an editorial about the poor communication skills of doctors in general and their incapacity to deal with the uncertainties in medicine. Doctors have been attempting to predict unforeseeable outcomes of their interventions. This oracular tendency among doctors is at the root of patients’ loss of confidence in doctors. If one is well and healthy at any given time, it is because of chance; on the contrary, if one is unwell, it is again because of chance.
The solution lies in training medical students to accept that doctors are fallible like anyone else and can make mistakes. Being honest about mishaps and sharing one’s joys and sorrows with the patient could ease the situation and enhance communication. The crux of the healing process is the coming together of two human beings: one who thinks he/she is ill and the other in whom the former has confidence. This coming together of two human beings, with mutual trust, is the summit of medicine from where all other aspects like diagnosis, therapy, future management, etc, follow. It is here that the patient gains confidence in his/her doctor.
In the past half century, technology has deified the medical profession, leading patients to expect the moon from their doctors. One of the reasons for the burgeoning consumer suits against doctors and hospitals in the West is precisely this. The holy doctor-patient relationship has become that of a seller and a buyer, resulting in market forces uprooting medical ethics. “Cure rarely, comfort mostly, but console always” was good Hippocratic advice. It is not what the doctor tells the patient that counts but what the doctor does that impresses the patient. Once the patient realises that his doctor does walk his talk, patient confidence is easily won.
William Osler said that a doctor needs two great qualities—imperturbability and aequanimitas. If the doctor can communicate well, diagnosis becomes a pleasure at the bedside. “If you listen to your patient long enough, he/she will tell you what is wrong with him/her,” wrote Lord Platt in 1949.
Confidence is built by the doctor’s ability to listen to the patient. Listening is a difficult art. Every medical student should be trained to master the art of listening. Henry David Thoreau wrote, “To affect the quality of the day—that is the highest of arts.” The art of listening to the patient is the capacity of the doctor to enhance the quality of the patient’s day.
Listening to the patient is not confined to listing the patient’s symptoms, past history, his social and family history. The crux of the art of listening is to understand a patient’s fears, his religious, spiritual and social beliefs, his cultural upbringing and, more than all that, even his irrational obsessions in terminal illnesses. Even if the doctor is a rationalist and thinks that medicine is a pure science, he/she will have to try and understand the irrationality of the patient’s thinking to respond to the patient satisfactorily.
Healing is universally possible while curing is rarely an attainable goal in medicine. A healer must have a large heart coupled with a strong and well-trained head. Combining humility and wisdom is not impossible, but it is difficult. A book that I’d recommend to doctors is On Doctoring by Richard Reynolds and John Stone (Simon and Schuster, New York).
My personal experience, since I first started seeing patients in 1956 as a medical student, has been that if I have a genuine interest in the patient’s welfare, the patient would have full faith in me. This matters a lot in the final outcome of illness, uncertainty notwithstanding. Faith heals.
(Professor Dr BM Hegde, a Padma Bhushan awardee in 2010, is an MD, PhD, FRCP (London, Edinburgh, Glasgow & Dublin), FACC and FAMS.)
Jindal Steel and Power is already facing CBI probe for alleged cheating and misrepresentation of facts in bagging the Amarkonda Murgadangal block in Birbhum district of Jharkhand in 2008
Jindal Steel and Power Ltd shares fell by over 13% in early trade Monday on the BSE and National Stock Exchange (NSE), following news reports about the Central Bureau of Investigation (CBI) filing fresh case against the company.
The Investigating agency, which is probing into coal blocks allocated during 1993-2005 period, filed a fresh case of alleged cheating and corruption against the company.
Following this, the company’s scrip fell 13.57% to Rs128 — its 52-week low on the BSE. On the NSE, it slumped 13.51% to hit a one-year low of Rs127.70. The scrip was the top loser among 50-Nifty scrips.
Later, the stock pared some of the losses and at 3.29pm was trading at Rs136, down 8%, on the BSE.
According to a CBI spokesperson, it is the 36th first information report (FIR) filed by the agency in connection with its probe in the coal allocation scam.
The fresh case has been registered against Jindal Strips Ltd (now known as Jindal Steel and Power Ltd) and unknown public officials for alleged criminal conspiracy, cheating under the Indian Penal Code and Provisions of the Prevention of Corruption Act, CBI said.
Soon after registering the case, the agency on Sunday carried out searches at four locations in Raigarh in Chhattisgarh.
CBI sources said the case pertains to allocation of Gare Palma IV/1 coal block to Jindal Strips Ltd and JSPL.
The company spokesperson had said JSPL reiterates that all its actions are in keeping with the legal framework of the country and that it complies with the law in letter and in spirit.
“JSPL continues to cooperate with all the authorities in a responsive manner,” the spokesperson had said.
The company is already facing CBI probe for alleged cheating and misrepresentation of facts in bagging the Amarkonda Murgadangal block in Birbhum district of Jharkhand in 2008.