 We will try to understand these processes by one case study. In 2003, Hindalco was a upstream player in commoditized industry. It made aluminum, so its profit varied over time. We all know that in a commodity market, the price fluctuation happens much faster. And that fluctuation has a adverse impact on the forecasting and the profitability both of these organizations. So, it decided to add downstream operations as well. Downstream meaning converting aluminum into the aluminum products. So, to its portfolio to study the profit stream and reduce its dependence on the commoditized business. If commoditized market, if the commodity market has more fluctuation, consumer market has less fluctuation or a lesser fluctuation in the pricing. So, in order to cushion against the fluctuating commodity market, Hindalco decided to include organically or by acquiring the downstream operations as well. That is converting aluminum into the products like foil, can, etcetera. So, to that end, it acquired the two leading downstream companies in the aluminum industry. They acquired Hindal in India and Novelis in North America. So, this case study and the learnings arising out of that are taken from the article of Professor Nirmali Kumar on how emerging giants are writing the rules of the MNA published in the Howard Business Review. After acquiring Novelis, Hindalco prioritized its integration task. So, the first thing was financial integration. Hindalco quickly aligned the two companies financial reporting periods. It consolidated the quarterly results and ensured that both entities met the regulators guidelines. That was the first thing they did and which is called financial integration. The second integration this in this MNA Hindalco did was organizational integration. It kept Novelis people in all top management jobs there and sent just two of its own executives, a risk management and one a logistics expert to Novelis to help improve its global supply chain. So, this was initially the acquisition at the arms length. We have just discussed the meaning of the arms length acquisition versus full integrated acquisition. In the Hindalco Novelis case, Hindalco after acquiring Novelis decided not to interfere much in the day to day functioning of Novelis and that is why they did not sent out the dozens of executives to manage and head their departments. They sent out only two people who were supposed to help Novelis to strengthen its supply chain and look at the risk management when they make a business decision. Third stage in this acquisition was business process integration. That means there are processes about marketing, operations, quality, logistics and many many other things. So, one example how they have done the business process integration, Hindalco established a company in India to handle Novelis IT system. So, the standard company which was scattering to the IT requirements are only of the Novelis and in this way they leveraged the availability of the inexpensive engineers in India and they set up a in house IT support system for Novelis almost as an independent entity. This is one example of how business process integration can result into. In fact, it also resulted into shutting down some plants, clubbing some of the projects so that the upstream business and downstream business can remain integrated. Then comes the stage of the market integration. Hindalco projected that India's demand for aluminum product would double from 2007 to 2012 and it actually happened almost happened. Half of the increase would be for the flat rolled products Novelis produces. It planned for India to absorb one third of Novelis output in three years. It also supplies aluminum can manufacturers in India with the flat rolled aluminum for from Novelis planned in the South Korea. When volumes increase it will set up a flat rolled aluminum plant in India. So, this is one example how the market for the Novelis and Hindalco were integrated. We need to look at another very important aspect of MNA and particularly in the case of Hindalco. We should not think that Hindalco acquired this Novelis and this happened without any prior experience it was not so. And in fact, some research studies suggest that prior experience of MNA build the capability to carry out the MNA process more effectively. So, if we look at this graph we will see that acquisition of the various aluminum companies have been the way of functioning or an organic growth for Hindalco since 2000. Novelis itself is a organization which is even bigger than Hindalco, but they were successful in acquiring that organization. We should not think that it was the first acquisition of Hindalco and they became successful. If we look at the track record of Hindalco for last 20 years we will see that the first acquisition in the aluminum sector done by Hindalco was of Anpuna file. They learned in the process about how to bid, how to negotiate, how to integrate the companies in India. Through this acquisition they learned how to turn around a small Indian company in a receivership. Then they acquired Niti and Mount Gordon in 2003. These are the Australian firms and this acquisition helped the Hindalco learn how to take over turn around and operate companies in the developed countries. It also taught Hindalco how to list the companies on the stock exchange abroad and manage the investors relationship. We all know that dynamics of the investors relationship and shareholders small and big shareholders are different in different kind of markets. So, in the by acquiring the companies in Australia Hindalco learned about these dynamics in the developed market. Then in 2005 they acquired a pulp mill in Canada. This acquisition helped the organization to learn how to manage a global supply chain as a buyer and as a seller. So, they were able to learn how to manage the price fluctuation and the foreign exchange risk across countries. In 2006 they acquired another company in Canada and in 2007 this famous Novelis acquisition took place. They learned the how to acquire, assimilate the and de-list the companies in North America and they also learned how to manage a large HR incentive HR intensive multinational operations. So, we can see that the learning capability of successful M&A is being acquired by Hindalco by a small and medium size acquisitions before they went for very large size M&A. Now, what is the situation current financial situation? This acquisition is generally considered successful both organizations acquired new markets for their products and Novelis in fact very recently in the recent quarter provided a bright spark with the EBITDA rising 5 percent to 374 million it is higher ever as the North American operations performed very well. So, volumes of the Novelis also increased by 3 percent. On a standalone basis Hindalco including Uthkal alumina which is the recent acquired suffered a 77 percent fall in the net profit to rupees 167 crore into the exceptional loss of 31 crore, but this the performance of the Novelis actually provided the cushion to the Hindalco. So, we can say that it has been a successful acquisition both organizations were able to access the new market they were able to integrate lot of their business processes and market share though initially the share price went down which generally happens immediately after any margin and acquisition the share price of the Hindalco went up and currently it is hovering at the 200 rupees level. So, currently the share of the Hindalco is being traded at 200 rupees. We need to understand that MNA is a complicated job. So, natural question was should organization do a small MNA should organization acquire or merge smaller entities or more number of smaller entities or they should look for a big size merger and acquisition to be successful and to be profitable. So, the question is should organization merge or acquire a smaller entities in larger number or they should merge or acquire a large entity in a singular or in a limited number to attain the business success. Research says that companies that regularly and systematically pursue moderately size MNA deliver better shareholder returns than companies that do not. So, the key lessons of this session about the stages of MNA are as follows. We need to understand that MNA requires involvement and activities at several fronts and it is useful to prioritize these activities in the form of financial integration, organizational integration, business process integration and market integration. Most of the time MNA decisions are driven by strategic logic. Strategic logic generally do not get translated into the business logic or profitability scenario. That is why large number of MNA probably more than 50 percent of the MNA they do not realize the potential which is thought to be at the planning stage of the MNA. So, key thing is that after the strategic logic, after making the strategic vision, after establishing the competitive advantage reasoning, organizations have to do the financial integration first for the MNA to be successful. Along with that they need to start the organizational integration. Business process integration is the key thing through which a cost saving promises can be realized and then comes the market integration. Market different stakeholders and the customers must be getting the non confusing signals and so that their trust in the organization should increase rather than decrease after MNA. Field of OD and OD practitioner can play very important role in all these stages. We looked at how OD practitioner and the field of OD can be so helpful in the pre-combination stage. If we look at these four aspects of the integration as articulated by Professor Nirmali Kumar, OD practitioner can be extremely helpful and the field of OD can be extremely useful in the organizational integration. Nonetheless, the field of OD can be useful in the business process integration as well. By facilitating the management teams of the acquiring and acquired entities, they can indirectly influence the market integration as well. OD in MNA situation can use various types of intervention which we have studied in the course thus far. We if you remember we studied individual level intervention, team level intervention and strategic intervention, organizational level intervention. In the MNA, OD practitioners have to use individual level intervention for the leaders to articulate their strategy and vision for the MNA. OD can help in the group level intervention by identifying by helping the management to create the MNA team, make the team function well, facilitating that team to be effective in their role. So, OD practitioners in this way can help a great deal in facilitating various teams to be effective in their role. OD practitioners and the field of OD can be extremely useful and cultural due diligence and talent due diligence. They can also be helpful in overseeing the OD intervention and identifying the right assessment and criteria to track the success of MNA. Thank you.