Insurance will give tremendous value, but five years down the line. And given the enormous potential Intelenet is more of an opportunity. In the last one year we have started doing discounting of rent receivables and built a portfolio of Rs 300 crore. It's real estate related and gives us a margin. We have taken a view that we should buy property where we get good return.
History is interesting.
When Tatas conceived ITPL we gave them a loan which was to be repaid out of sale proceeds. After it was built there was demand for rental and not outright purchase. We bought properties in ITPL with existing tenants. We are the landlords and the rent is coming to us is equivalent of loans. Since we are buying existing premises constructed and occupied by top grade companies, including Intel and Compaq, risks are eliminated.