A leading UAE businessman has paid tribute after the death of a "warm and gentle" Indian entrepreneur who encouraged him to follow his dreams.
Dr Shamsheer Vayalil, founder and chairman of one of the region’s largest hospital groups, VPS Healthcare, said compatriot VG Siddhartha's lofty status as the 'Coffee King of India' had granted him an 'iconic stature' in his homeland.
Siddhartha’s body was found near a river outside the city of Mangalore in south India in the early hours of Wednesday morning.
The businessman had been missing since Monday evening, when he asked his driver to stop the car and went for a walk, but did not return.
Siddhartha founded Café Coffee Day in 1993 and opened the first outlet in Bangalore three years later. There are now more than 1,700 outlets across the country, with the chain helping to foster a coffee culture in a traditionally tea-loving society.
Dr Vayalil warmly recalled Siddhartha’s generosity when he agreed to meet him to discuss his own burgeoning business plans.
"He was one among the prominent entrepreneurs in India who had encouraged many like us to dream of owning and managing our own enterprise," said Dr Vayalil.
"I still remember my first meeting with Siddhartha. It was about eight years ago. I had just started my entrepreneurial journey. I had always wanted to meet him,"
"His success story of becoming the ‘Coffee King of India,’ setting up Café Coffee Day as an Indian alternative to Starbucks, had given him an iconic stature.
"I was on a business trip to Bengaluru and called him up to seek an appointment. Siddhartha agreed to meet me in the evening at an outlet of Café Coffee Day in Bengaluru.
"Caught in the Bengaluru’s city traffic, I reached the place late and was a bit worried. But Siddhartha, who arrived on time, was waiting for me and greeted me with a broad smile.
"He was gentle and warm. We talked for over an hour. His passion for business and thirst for fresh ideas created great admiration for him."
Police are still investigating the cause of Siddhartha's death.
The tycoon is survived by wife Malavika and two sons, Amartya and Ishaan.
He was cremated at his family coffee estate in the Chikkamagaluru district in Karnataka, where thousands attended the last rites ceremony on Wednesday.
It has emerged Siddhartha was apparently struggling with his company’s financial circumstances.
In a letter to Cafe Coffee Day's employees and board of directors that has been widely circulated in the Indian media, dated July 27 and purported to be from Siddhartha, the entrepreneur wrote he was under pressure from lenders and harassed by income tax officials.
He wrote: “My intention was never to cheat or mislead anybody. I have failed as an entrepreneur.”
Abu Dhabi-based Indian philanthropist and business leader Dr Vayalil said entrepreneurs like Siddhartha face a unique set of life pressures that can be difficult to manage.
“I cannot begin to imagine the agony Siddhartha might have felt while writing this letter.
“Believe me, it is not easy for an entrepreneur to give up on his hard work of a lifetime. Café Coffee Day wasn’t just Siddhartha’s company, it embodied him.
“It is a frightening and sickening reality the entrepreneur lives with – when he succeeds, everyone celebrates his success, but when he fails, he falls alone.
“Siddhartha’s story seems to be no different.”
Financial pressures and debt are reported to have placed Siddhartha under unprecedented strain in recent months, although he is reported to have amassed a personal fortune of $3.6 billion.
The Times of India reports Siddhartha had applied for substantial business recovery loans of Rs 1,600 crore prior to his disappearance on July 29.
Indian tycoon Vijay Mallya, who is facing a UK extradition trial to face questions over his financial affairs, criticised the Indian government for its hounding of businessmen.
“I am devastated by the contents of his letter,” Mr Mallya posted on Twitter in response to the news of Siddhartha’s death.
“The Government, agencies and banks can drive anyone to despair.”
Siddharha is also reported to have been the subject of a tax investigation by Indian authorities.
“Is it possible that there wasn’t anyone Siddhartha could have reached out to?” said Dr Vayalil.
“Wasn’t there someone who could have gone up to him and reassured him, perhaps a word of comfort to pacify his turbulent mind?
“Entrepreneurship can be all glitz and glamour, but it can also be harsh and unforgiving.
“Life is all about chasing our dreams. Siddhartha did the same.
“He worked hard. He ran fast. But he fell. And sadly, there was none to lend him a hand.”
The Byblos iftar in numbers
29 or 30 days – the number of iftar services held during the holy month
50 staff members required to prepare an iftar
200 to 350 the number of people served iftar nightly
160 litres of the traditional Ramadan drink, jalab, is served in total
500 litres of soup is served during the holy month
200 kilograms of meat is used for various dishes
350 kilograms of onion is used in dishes
5 minutes – the average time that staff have to eat
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%3Cp%3E%3Cstrong%3EDeveloper%3A%20%3C%2Fstrong%3ERemedy%20Entertainment%3Cbr%3E%3Cstrong%3EPublisher%3A%3C%2Fstrong%3E%20Microsoft%20Game%20Studios%3Cbr%3E%3Cstrong%3EConsoles%3A%3C%2Fstrong%3E%20PlayStation%204%20%26amp%3B%205%2C%20Xbox%3A%20360%20%26amp%3B%20One%20%26amp%3B%20Series%20X%2FS%20and%20Nintendo%20Switch%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
HIJRA
Starring: Lamar Faden, Khairiah Nathmy, Nawaf Al-Dhufairy
Director: Shahad Ameen
Rating: 3/5
Super 30
Produced: Sajid Nadiadwala and Phantom Productions
Directed: Vikas Bahl
Cast: Hrithik Roshan, Pankaj Tripathi, Aditya Srivastav, Mrinal Thakur
Rating: 3.5 /5
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
MATCH INFO
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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
Scores
New Zealand 266 for 9 in 50 overs
Pakistan 219 all out in 47.2 overs
New Zealand win by 47 runs
Cricket World Cup League 2
UAE squad
Rahul Chopra (captain), Aayan Afzal Khan, Ali Naseer, Aryansh Sharma, Basil Hameed, Dhruv Parashar, Junaid Siddique, Muhammad Farooq, Muhammad Jawadullah, Muhammad Waseem, Omid Rahman, Rahul Bhatia, Tanish Suri, Vishnu Sukumaran, Vriitya Aravind
Fixtures
Friday, November 1 – Oman v UAE
Sunday, November 3 – UAE v Netherlands
Thursday, November 7 – UAE v Oman
Saturday, November 9 – Netherlands v UAE
Thanksgiving meals to try
World Cut Steakhouse, Habtoor Palace Hotel, Dubai. On Thursday evening, head chef Diego Solis will be serving a high-end sounding four-course meal that features chestnut veloute with smoked duck breast, turkey roulade accompanied by winter vegetables and foie gras and pecan pie, cranberry compote and popcorn ice cream.
Jones the Grocer, various locations across the UAE. Jones’s take-home holiday menu delivers on the favourites: whole roast turkeys, an array of accompaniments (duck fat roast potatoes, sausages wrapped in beef bacon, honey-glazed parsnips and carrots) and more, as well as festive food platters, canapes and both apple and pumpkin pies.
Ruth’s Chris Steakhouse, The Address Hotel, Dubai. This New Orleans-style restaurant is keen to take the stress out of entertaining, so until December 25 you can order a full seasonal meal from its Takeaway Turkey Feast menu, which features turkey, homemade gravy and a selection of sides – think green beans with almond flakes, roasted Brussels sprouts, sweet potato casserole and bread stuffing – to pick up and eat at home.
The Mattar Farm Kitchen, Dubai. From now until Christmas, Hattem Mattar and his team will be producing game- changing smoked turkeys that you can enjoy at home over the festive period.
Nolu’s, The Galleria Mall, Maryah Island Abu Dhabi. With much of the menu focused on a California inspired “farm to table” approach (with Afghani influence), it only seems right that Nolu’s will be serving their take on the Thanksgiving spread, with a brunch at the Downtown location from 12pm to 4pm on Friday.
Day 1, Abu Dhabi Test: At a glance
Moment of the day Dimuth Karunaratne had batted with plenty of pluck, and no little skill, in getting to within seven runs of a first-day century. Then, while he ran what he thought was a comfortable single to mid-on, his batting partner Dinesh Chandimal opted to stay at home. The opener was run out by the length of the pitch.
Stat of the day – 1 One six was hit on Day 1. The boundary was only breached 18 times in total over the course of the 90 overs. When it did arrive, the lone six was a thing of beauty, as Niroshan Dickwella effortlessly clipped Mohammed Amir over the square-leg boundary.
The verdict Three wickets down at lunch, on a featherbed wicket having won the toss, and Sri Lanka’s fragile confidence must have been waning. Then Karunaratne and Chandimal's alliance of precisely 100 gave them a foothold in the match. Dickwella’s free-spirited strokeplay meant the Sri Lankans were handily placed at 227-4 at the close.
Tell Me Who I Am
Director: Ed Perkins
Stars: Alex and Marcus Lewis
Four stars
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Singham Again
Director: Rohit Shetty
Stars: Ajay Devgn, Kareena Kapoor Khan, Ranveer Singh, Akshay Kumar, Tiger Shroff, Deepika Padukone
Rating: 3/5
INVESTMENT PLEDGES
Cartlow: $13.4m
Rabbitmart: $14m
Smileneo: $5.8m
Soum: $4m
imVentures: $100m
Plug and Play: $25m
