A Quote by Adi Godrej
We continue to look at accretive and synergistic acquisitions both in the domestic as well as international markets. Our emphasis, thus, will be on strategic acquisitions, and we will not be doing it just for the sake of making our name bigger.
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We've demonstrated a strong track record of being very disciplined with the use of our cash. We don't let it burn a hole in our pocket, we don't allow it to motivate us to do stupid acquisitions. And so I think that we'd like to continue to keep our powder dry, because we do feel that there are one or more strategic opportunities in the future.
We started the 10/10 objective in 2011, and that time, our turnover was about Rs. 15,000 crore. We would like to have a turnover of Rs. 1,50,000 crore by 2021. This will be through high growth in domestic and international operations as well as through acquisitions.
In pharma, we continuously look for acquisitions... if it makes strategic sense and if there is any value.
As president, I will appoint tough, independent authorities to strengthen anti-trust enforcement and really scrutinize mergers and acquisitions, so the big don't keep getting bigger and bigger.
I'm committed to increasing long-term value for shareholders and am confident we will continue to do so through the successful execution of our core strategic priorities: the creation of high quality, branded content and experiences, the use of technology, and creating growth in numerous and exciting international markets.
We are reluctant to do these bigger acquisitions that are then integrated, especially if they are committed to a certain product that they want to build that we can't guarantee we will keep evolving.
I have targets for business achievements; I do not have targets for acquisitions. Because if you have targets for acquisitions, you end up making compromises in terms of valuations, and you buy things because you have a target, and it is not good for business.
Our first use of cash is invested organically, secondly returning values our shareholders - roughly 100 percent free cash flow. And then thirdly, mergers, acquisitions, partnerships that complement our organic strategy. We are going to continue down that path.
Much of what is called investment is actually nothing more than mergers and acquisitions, and of course mergers and acquisitions are generally accompanied by downsizing.
As Vietnam opens its markets and strengthens fundamental rights, the relationship between our nations will continue to grow - to the benefit of both our citizens.
I was vehemently against acquisitions. Now let's buy everything in sight. Well, that's a slight exaggeration. We are a little more strategic than that. But everything was on sale.
For example: (1) As if governed by Newton's First Law of Motion, an institution will resist any change in its current direction; (2) Just as work expands to fill available time, corporate projects or acquisitions will materialize to soak up available funds; (3) Any business craving of the leader, however foolish, will be quickly supported by detailed rate-of-return and strategic studies prepared by his troops; and (4) The behavior of peer companies, whether they are expanding, acquiring, setting executive compensation or whatever, will be mindlessly imitated.
In the pharma space, we have been growing both organically as well as through acquisitions.
I can well imagine making acquisitions so long as these are complementary to Puma and move it forward.
If we remain one people, under an efficient government, the period is not far off when we may defy material injury from external annoyance; when we may take such an attitude as will cause the neutrality we may at any time resolve upon to be scrupulously respected; when belligerent nations, under the impossibility of making acquisitions upon us, will not lightly hazard the giving us provocation; when we may choose peace or war, as our interest, guided by justice, shall counsel.
But what will happen even if we do burn down the Jews synagogues and forbid them publicly to praise God, to pray, to teach, to utter God's name? They will still keep doing it in secret. If we know that they are doing this in secret, it is the same as if they were doing it publicly. for our knowledge of their secret doings and our toleration of them implies that they are not secret after all and thus our conscience is encumbered with it before God.
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