Both the equity and the debt schemes of the fund have been revamped though the revamp of the equity schemes has been done earlier than that of the debt funds. In the debt funds, essentially, it meant cleaning off the small portion of the assets which could have had issues of credit quality and poor liquidity in the markets. Further, the investments were brought more in line with the objectives of the fund in terms of maturity of instruments and so on. We have also been taking views on the interest rates and have increased the trading activity in the portfolio, particularly on the Sovereign side of the asset book. On the equity side, essentially we have concentrated an overly diversified portfolio and have taken exposure to companies which have clear competitive advantage in their areas and are valued attractively.
Any acquisition has to make economic sense.
That is, the price paid is an important parameter. If the price paid by the acquirer is too high, then the effect of the synergies will be more than offset by the high price. An acquisition in which the acquirer pays less than the intrinsic value of the company would be worthwhile provided the issues of culture match and integration are well handled. This would allow Indian companies to provide end to end solutions to the client companies. The kind of acquisition a company does would depend on what stage of the growth curve the company is positioned.