You can enter fastboot by pressing and holding vol+ and power buttons when the phone is powered off.
By pressing vol- and power button in the powered off state, it is supposed to enter recovery mode but it displays some weird text "ENTER QPST DOWNLOAD" mode. (EDIT
: OK, QPST stands for Qualcomm Product Support Tool, mostly used for hardware-level configuration)
I am now pretty sure root can be achieved by using the method described HERE
Till now i have succeeded in flashing the recovery.img but i can't get the phone to reboot into recovery as the proper ADB drivers are still missing. I have tried several different drivers but everytime I scan for the device (using adb devices command), i get a blank respons. ADB doesn't recognize my phone. I am sure the solution is somewhere round the corner.