Given the several acquisitions that Tata companies made in the recent past, how leveraged is the group?
Most of the acquisitions we made were financed comfortably without stretching the balance-sheet of any company. Even as we speak, each of those companies that made the acquisitions is sitting on a mountain of cash. Whatever we have done so far, we have been able to finance easily. We had very profitable years. If you step up the ante, then yes maybe if we were to make a $22-billion bid, as is happening in the world that may stretch our resources. Normally, you cut your coat according to your size. The group has always operated on that basis. My own feeling is that most of our companies are in a position to make reasonable sized acquisitions and to show reasonable rates of growth. How much are you being compelled to up the ante? The market sets that pace. I think the ante will rise. As you succeed and nothing succeeds like success the next jump has to be higher.
