Tell me something you know let's say a year from now 12 months from now what is the signal that will tell you that this specific platform strategy has is working versus you know I wouldn't call it failure but it is stalling you know it has to grow at a at a particular rate because they've like I said they've got just a three to five year runway before they start looking for the next seller so we have to start looking at signals very early so maybe 12 months down would you think about signals that CXO should look for which tells them whether this bet is working or not?

Absolutely.

I think your question is so relevant.

I think the first 12 months is clearly the mirror, which tells you where you stand.

And it really gives you an indicator of the path that you have set for yourself in terms of that value creation bridge that I just mentioned right at the outset of this podcast.

So I think it's a very, very critical window period.

And therefore, not just the CEO or the investors, but I think the rank and file of the organization should pull their might you know behind the vision and the mission aligning every part of their work to the overall objective why they are doing what they are doing so that critically you know we achieve our objectives at the same time looking at our value proposition which is going to be the co-driver of how we are going to connect and create strong sentiments in the mind of our customers to build stronger value over a period of time So the indicators, I think these are critical indicators.

And so, you know, would you see any of that rate of acquisitions getting affected because of the things that you just said?

You know, so you still think that this fits the same platform thesis as Integration Khoye or do you think this is a fundamentally different bet that is dressed up in the same language? Yeah, I like your choice of words.

I agree with you that I think it's a slightly different ballgame.

This is a very different ballgame over here.

So see what Warburg has already done is it is trying to build a core.

So as you said that it's building a new organization identity, it's setting up a platform.

So it's building a core.

So what is happening now with the potential addition of a Koi and let's keep a tab on that as to how it pans out and what happens.

You know, so we've got Warburg building fresh from Integrase, Koye and soon Manish and Universal Nutri Science under a new CEO versus Chris Capital, which has taken control of an existing listed entity Novartis India and and over here I think I should I should give a disclaimer saying that you know both Anil and I are talking about Novartis and Novartis this does not mean the Novartis AG entity but this means the spun-off Novartis India entity which was sold to Chris capital sometime in June or July so just just that disclaimer we are we have to use Novartis India because the that entity is not called anything else of now so anyway back to my question I think you know Warburg has a different way of building a playbook whereas Chris capital has taken control of an existing listed entity called Novartis India and then bolting on assets like many press Excel trademarks you know so Anil do you think these are the same strategy wearing different clothes or fundamentally different risk profiles which which both these private equity players are looking at and which would you advise a mid cap promoter to attempt

Your thoughts on this?

Yeah, I think, Salil sir, this is a very, very important question.

And when you talked about the screening checklist, I think one of the most important screening checklists is to understand the culture of the organization that you're potentially interested in.

Now, culture is something that's invisible, right? So you need the insight to really get deep into the kind of culture and look at the potential implications of this culture in terms of seeing how well aligned it is matched to your value systems and to your culture or whether it's really mismatched.

So we've had numerous examples even in a pharma industry of large acquisitions with a new culture actually getting into the system.

And then you realize that you require a lot of time to set right the cultural mismatch.

And in the period that it takes to set right and do the firefighting, you have actually lost the ground for building value in that initial stage because most of your efforts and most of your time has actually gone in terms of firefighting over things that could have been better handled to a proper due diligence in the past and therefore taking course corrections proactively rather than realizing it once it is integrated into your system.

I don't know if you can expand that much, but then as much as possible, if you can talk about where these platform beds could go wrong, I'm sure it will give a very good contrast to the audience to understand whether this actually works or not.