Bombay dreams

Canny investors are betting on India''s compelling growth story.

Over the past few months investors have started to cast India in a newly optimistic light. But there are some who never had doubts. Shankar Narayanan, a private equity specialist, has been cutting deals in India for 10 years and boasts of 90% returns over the last five years. I'm probably the only guy who hasn't lost money on a deal in India, he says.

Today he is more optimistic than ever. The ADB this week raised its...

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