His business card, which reads Chairman, Dr M, could remind anyone of Ian Fleming’s famous James Bond books. Dr M, otherwise known as B.K. Modi, has been known for changing his businesses swiftly — from being a manufacturer of tyres, to technology and now into healthcare, entertainment and finance. Modi, Chairman of Smart Global (known as Spice Global till recently) sees healthcare as the company’s future. Edited excerpts:

What are the reasons behind your aggressive move into healthcare?

Healthcare is going through a major change. I have been involved in studying healthcare for the past 30 years. Now, the main vertical of our growth in India will be healthcare. And we are using new technologies. The reason we are calling it Smart healthcare is because we are going to use all the latest technologies.

Recently, the Government changed the laws, especially in Delhi. They have increased the FAR (floor area ratio) and they have asked us to build much more than what we were supposed to. Originally, this hospital (Saket City Hospital) was designed on 1:1 FAR, but when you make it 3.75:1, which is the new law, you have to change the whole thing. Then you try to give holistic healthcare. Today, you can do a lot of things in day-care. That is the thing about smart living — avoid operations and use different types of cure and better diagnostics (with use of new technologies). Our technology partner is Philips.

But is this a move away from your usual businesses?

Businessmen are smart. They don’t kill their business unless someone else kills it. Some are fools — they say “we will not change.” Nokia didn’t change in time and got killed. Same with BlackBerry. So, as people say, if you can’t beat them, join them. So, I am launching a new brand. I killed my own brand, or rather it got killed over time. We had a brand Modi first, I killed it over time, then I brought Spice, I killed it, now I am bringing Smart.

What’s the reason behind this rebranding exercise now?

Technology. When technology changes, how do you change your people? You have to give yourself a new name, change your personality.

For the old businesses, we are still using Spice, but for new businesses, we are using Smart. Over time, the old businesses become less valuable. Nobody knows the Modi brand because it is no longer a brand. But Modi used to be a brand (earlier), it was everywhere. I have no choice but to reinvent, as the world is changing.

Is the venture into healthcare part of this new brand image?

We are entering four areas. This started in 2006. I hired McKinsey that time. They came out with a report with four verticals. They said Internet will change these four verticals — healthcare, education, finance and entertainment — and said these are the major industries of the future. These are service industries and affect everyone’s lives. These are global industries. And these will be Internet-based industries. They said you have to create a digital brand.

What kind of investments are you likely to make in your businesses in India?

We are talking about huge investments, in billions of dollars. So, we are building Smart Health City — it’s a $3-billion project. It is being designed by Jones Lang LaSalle. Plus, we are building a centre for smart living. I have already invested over $100 million here.

I will get partners (for the new ventures). When you bring technologies, you don’t bring it alone. You bring believers in that technology. And anyone who is a believer would want to invest in that technology because they would want to take benefits too.

Also, I have no loans. I have 100 per cent equity, and all I have to do is dilute my equity and take loans, if needed. Money is not the issue. The issue is getting partners.

What is the biggest challenge in changing your brand?

When you switch technology, 40-60 per cent people leave the company because they can’t switch. This has happened every time. I have fired more than 60,000 people in my life.

Do you have any plans to go public in India?

I have plans of listing in India. But I am waiting for India to clean up. The Singapore Stock Exchange is easier. Let’s see what happens in stock markets in India.

aesha.datta@thehindu.co.in

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