As part of my position here at the hedge fund, I've been focusing on one of my firm's deals to finance a few major infrastructure improvements throughout India. Without going into details, I'll say that it's quite large and has required an enormous amount of time in the due diligence phase, which has been going on for about a month.
Since the last post, I've spent roughly two weeks camped out at the Hilton Towers in Mumbai; my days have been punctuated by deliveries of legal documents and financial models and my evenings by the novelty of a company expense account.
While I wish I could report that I had a chance to enjoy the wonders of the city, I regret (from a traveler's perspective) to say that I spent most of my time in conference rooms, data rooms, and hotel restaurants.
So, to sum it up, since my last post I've learned an enormous amount about business, accounting, finance, and contracts, but I have not had a chance to do much of the touristy stuff that normally makes for good stories on this page.
Still, here are my broad observations on Mumbai based on my limited exposure:
1) It's really crowded.
You don't need to hear statistics from the Indian census bureau to understand this -- just try crossing the street in Nariman Point at rush hour. One of my coworkers asked me during a cab ride whether or not I had had a chance to ride the metro subway. When I told him I hadn't, he suggested I try it after a long day at work. "It's great for a few reasons -- it's cheap, you don't need a seat, and you get a free full body massage." He was referring to the way that Mumbai commuters pack themselves into the trains like sardines.
2) In terms of personal wealth, the city is quite polarized.
Some of the country's richest people live in Mumbai. They earn their keep working white collar jobs for major corporations or entities like the Bombay Stock Exchange. The hotels are luxurious, and real estate there ranks among the most expensive in the world. But flying into the city, one cannot help but notice the vast slums on the north end of the metropolis. People live in shacks made of corrugated aluminum and plastic, this constituting their only shelter from the elements. I've only been in India during "winter" (I put winter in quotes because I don't think it ever got to be less than 60 degrees) but one can only imagine what it's like to live through an Indian summer in a metal box.
3) It could be a world-class travel destination (if you could somehow get rid of all the excess people and the pollution and the poverty).
The architecture in Mumbai is like nothing else in India. Heavily influenced by the British Raj era, the buildings in the financial hub are all built and designed in a stunning Gothic style and, from the street, seem to be in good condition. On their own, I guess these buildings don't have any features you couldn't see in London, Paris, or Prague. But what's interesting is that they're smack in the middle of South Asia.
Like so much else in India, the only thing standing between Mumbai and greatness is some infrastructure improvement -- good roads, clean water, reliable electricity, and affordable housing.
