So I have a question again on Africa. So what is the return on capital is expected based on the homework you have done as yet? And obviously, this is just taking into account the organic expansion, inorganic will obviously depend on price and many other th ings. But just on the organic, what would be the return on capital as per your initial assessment? And how do you balance this versus returning capital back to shareholders in India? Like is there a particular hurdle rate below which you would say that it doesn't make sense to be in Africa and just return the capital back to Indian shareholders?
Questions across 3 calls
Atul Mehra
Motilal Oswal
Indus Towers Limited
The Phoenix Mills Limited
My question is, in terms of retail expansion so in the presentation we have spoken about 11 going to 14 msft. So, the question was in terms of given our very successful in terms of response so far on that just like Ahmedabad and Lucknow you spoke about. Can we look at the next two to three years to build a very, very large pipeline, like the targeting +20 million in retail, because what tends to happen is, every city will tend to have a potential destination which will prosper over the next decade. And if we don’t get that opportunity, some of our competitors might go in there. And which would mean that once they have an established asset, it would not give us that opportunity, because obviously there is a limit to how much land space a city can absorb. So structurally, given also that we have a very strong balance sheet today, and cash flows are very strong, can we look at stepping up the growth agenda on retail?
Right, got it that’s good to know.
HDFC Bank Limited
Yes. Hi, good evening and thanks for the opportunity. Sir, I have just one simple question. In terms of the non-retail NPA for HDFC Limited, how much of this was unanticipated at the time of the merger? And how much of it is in terms of already anticipated and built for the -- in the swap ratio that we had. Maybe if you can throw some color on that? Thank you, sir. Classification - Internal
Right. Got it, sir. Just one clarification on the same point. Did any of -- in terms of the incremental stress come as a surprise to the internal management like to the bank management? Or this was something that you had already anticipated while you had worked out the numbers at the time of the merger?