Over a light meal of fish and vegetables, the MD & CEO of ICICI Venture tells Shobhana Subramanian the infra space could turn out to be a good hunting ground for PE players, especially if they are able to buy into projects that are close to completion

Mulye is convinced the demand for infrastructure is huge and she points out consumers are willing to pay for it. There are reasonably safe investment opportunities given that in the last five years close to $450-$500 billion has been spent on infrastructure

Even as a child, she had a flair and fondness for numbers, and while most of her schoolmates opted for softer subjects, Vishakha Mulye was sure she wanted to pursue a degree in commerce and follow it up with a CA.

The MD & CEO of ICICI Venture doesn?t for a moment regret her choice of career, despite her gruelling schedule, having mastered the art of doing Mumbai-New York trip in just a day. The 46-year-old mother of two, who loves prawn and can?t wait for the weekly dabba from her mother full of spicy Goan curry, however, says she would prefer a light Chinese cuisine for FE Food Cafe.

India Jones at the Trident, in Mumbai?s Nariman Point, isn?t as crowded as it once used to be; while I think it is a reflection on the state of the economy, trying to recall how much consumption has slowed, Mulye believes it could be the fact that the Bandra Kurla Complex, which is now home to several corporates and banks, now offers a choice of eateries. The food, we are hoping, will still be as good as in the past; without much ado we ask for a clear soup, going without starters.

Mulye is busier than ever, not just running the business but also chipping in as director on boards of a couple of corporates. She?s always been fascinated by business, she tells me, and it was while she was interning at Grindlays?in the investment banking division?that she was convinced she wanted to be in the world of finance. The ICICI Bank offer was one she jumped on; she says she was fortunate to have been there in the 1990s to witness the institution?s transition to a universal bank under the supervision of KV Kamath who had returned to India from the Asian Development Bank. The change in the culture?the shift from a lender that did plain vanilla project finance, simply selling products off the shelf, to one which ventured into corporate finance, customising products for customers?clearly captured her imagination. Being part of the action and conceptualising the merger of the banking subsidiary into ICICI was a great learning experience, she says, recounting how they needed to buy R18,000 crore of gilts in the market to meet the SLR guidelines.

Once the bank was formed, she was equally at home in the new treasury, mopping up billions of dollars, some of it as equity for the bank?close to $7 billion across three years in three markets.

It is an exciting time to be banker, I say; with RBI likely to hand out new licences, there?ll be jobs aplenty. Mulye agrees that the hunt for talent is on: the new banks, she believes, would need to focus on niches since existing areas are fairly competitive. Her take on the sector is that India isn?t really as under-banked as people make it out to be; on large corporates entering the space, she feels it should be fine if there are enough checks and balances.

The food arrives; we have asked for some grouper fish in a dark garlic sauce and some stir fried greens. Mulye doesn?t touch steamed rice. Married to a Maharashtrian brahmin, Mulye, herself a gaud saraswat, brought up on a diet of fish, crab and prawn?her forefathers hailed from Goa?can?t wait for the dabba that her mother sends at least once a week. But she is laying off the carbohydrates. Her children, son Vignesh and daughter Vridhhi, she?s happy, have acquired her taste for seafood; although on weekends it is a toss up between pasta and pizza as she cooks them that special meal. Mulye says she does manage to spend time with the family?her husband is a banker too?despite all the travelling.

Right now, ICICI Venture is in the midst of putting together an infrastructure fund but given the environment in the country, it is not easy. International investors are extremely cautious, Mulye says, about putting money into illiquid assets like PE and prefer more liquid assets, so it is hard to attract money. Above all, they are looking for greater consistency and stability in regulation and no one is in a hurry to invest though they are not saying no either. The fund-raising bit no longer is as exciting though, what is more engaging than even evaluating the project or arriving at a valuation, Mulye tells me, is working with the company to create value. Most of the companies that her fund has invested in?the current corpus is close to $2 billion?are either small or mid-sized and do require some handholding and that?s what?s most stimulating. More so, since the slowdown has hurt businesses of all sizes and hues, even the consumption space, she says, hasn?t really seen a meaningful pick-up. Fortunately, at a time when exits are hard, ICICI Venture has returned some $650 million to investors in the last three and a half years. But she agrees that times are tough?given the world has been pushed back by a couple of years?and, therefore, investments made in the pre-Lehman era, at significantly higher valuations, haven?t really worked with a fair portion under water.

Neither of us has a sweet tooth but I am tempted to eat a chocolate pastry with a scoop of ice-cream and she sportingly agrees to split it. It actually turns out to sinfully nice.

Why invest in the infra piece, given the regulatory issues, I ask? Mulye is convinced the demand for infrastructure is huge and she points out consumers are willing to pay for it. More pertinently, there are reasonably safe investment opportunities given that in the last five years, close to $450-$500 billion has been spent on the infrastructure build-out and, therefore, a whole host of projects is nearing completion. ICICI, she explains, will pursue a strategy by which it won?t buy into greenfield ventures but stay with projects where cash flows have been sighted. In other words, there would be some element of risk but most of it would, hopefully, have been taken care of. The good news is there is enough to choose from though that means more travel; Mulye, however, is game. She says she manages to cope with it whether within India or overseas. The Mumbai-New York trips are fewer now, it is more Europe which can be done in a couple of days. The upside in India is in the shopping that she can do in some less known places?the interiors of Gujarat, for instance.

At least once a year, Mulye makes it to Goa, to visit the Shanta Durga temple where the family has traditionally prayed and holidayed?the rest of the year she keeps her appointment with God on Tuesdays at Siddhivinayak. And since Karwar is just a short drive from Goa, there can?t be a reason not to spend time on the beaches where every visit is as much fun as the last. There couldn?t be a more refreshing thought for a hot summer afternoon.