We realised we needed a dedicated unit inside the company to be able to help us do the deals efficiently.
In , we set up an in-house team of three people. We believe in partnerships When I look back, one thing that stands out is our mindset towards executing a deal. We have never wanted to win just a deal but hearts as well. For us the hard side of deal making — valuations and structuring — has been important. But equally important is to understand what employees want, get a handle on the softer cultural side of the integration.click here
Lessons for India from the IL&FS fiasco
In our first acquisition in China, the acquired company had staff and we sent 13 from India. The next company we acquired in China, of the 25, staff, we just had Indian employees. West vs East In the West, typically there is more acceptance of a hire-and-fire policy. Most people in the job may have had some prior experience of a transaction.
It is easier to go and spell out what you want done.
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Communication and articulation of your future strategy become very important. In the West, the biggest question is what value addition you would bring to the table. In Asian countries, there is lot of emphasis on the HR issues — how you will handle people and what kind of culture you will bring in.
Mark Anton (Author of The Garden Green)
Beyond the business, this requires a lot of attention. Today if you ask me, there is no differentiation between India and the West. But of course there are exceptions. For example, some countries like China view the world differently. They see the world as hierarchical — as China, the US and the rest of the world. So there it takes a bit of time to handle the mindset. The checklist First, never go with the mindset that you are putting money on the table. You have lost even before you have started your journey.
Seek a win-win partnership — it makes for a more fruitful deal.
Look at every deal from two angles — the health dimension, which is taking care of the basic sustenance and bread and butter issues. And the growth dimension, which explores the upside that can be accrued.
I have also learnt that never do an acquisition without a day integration plan. The first team should do the transaction and walk away, the second should be there for the first day integration and then move on. The last team is involved in the business. And the business manager who knows the nuts and bolts of the business. The two work in tandem on the deal.
New Cultural Bearings
Talking about debt against equity, you need to strike a good balance. It is always important to keep in mind that debt is cheap, equity is costlier. So a bit of exposure to debt is good but too much of LBOs [leveraged buyouts] can be dangerous. No debt, all equity is also not good. But we did not have the risk appetite to acquire both the companies together. We decided to acquire the smaller one in and the bigger one later in Need for Informal Groups.
However, with the influx of Indians to this country after the liberalization of the immigration laws in , many expressed a need to observe their heritage in more informal gatherings for the sake of their children as well as for their personal enrichment. Kusum Lal Mohan, an active member of the community who had dropped in on the rehearsal, said. Mohan and her husband, Anand, were organizers of the show.
The Indians view music and dance as a spiritual discipline. But it was not until the advent of such musicians as Ravi Shankar in the United States, coupled with the calmtry's interest in ethnicity that Indians started forming music and dance groups as well as teaching their arts to others. Parthasarathy, for example, started the Academy for East Indian Arts last year, using their apartment as a studio.
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A classical dancer who has trained since she was 7, Mrs. Parthasarathy was doing the Bharata Natyam of South India. Her husband, the director and producer of the, musical program, added that women who had studied dancing as children were also in the class because they wanted to relearn and perform again. Thumping rhythmically on the mridangam, Ramnad Raghavan, a professor of muWesleyan University, explained that the percussion instrument, which resembles a bongo, can accompany any instrument and has become popular in jazz.
Although few of the Indians are professional musicians like Mr. Raghavan, many are highly trained in music because of their heritage.