In a chat with ET Now, Kumar Mangalam Birla, Chairman, Aditya Birla Group, says will bid sensibly in the coming auction. Edited excerptsCement is a very critical and core business for us as you would know. This is an interesting asset, fairly good quality. The most important aspect of this acquisition is that this acquisition actually gives us a presence in markets where we are completely non-present today and that has been the overarching rationale behind making this acquisition.Some kind of back flow I think is very common for a deal of this complexity and this size. There was not any revision in price as was reported in the media incorrectly. I think what happened was that some commercial terms got renegotiated which again is part of the transaction dynamics of such a large transaction.Absolutely. I think this will create value for our shareholders, not in the immediate term but in the short run for sure.So this is a good time for us to pause just because we have bitten off a large asset and it is the right time to spend the next few years digesting this asset and starting to see a return from this. Thereafter we eill start thinking of investments again.: 100 million tonne is actually a misnomer. So what we are looking at very clearly is the quality of earnings. I believe that UltraTech as a whole by any measure globally is a high quality asset. And the focus is on how do you drive returns out of this fairly large and complex set of assets.: It is a really a function of what happens to the Indian economy because cement growth is a derivate of that. I believe that the economy is in for good times which means that the cement industry should also see an upturn and I believe we made the right investments over the last 10 years for sure in terms of the right capacities in the right places and build the right competencies. So I think it is safe to assume that UltraTech should see some pretty smart returns in the next few years.: It is going to be extremely disruptive. I mean that is given, there is no two thoughts on that. Having said that, Idea is a survivor. If you look at Idea’s track record, it has come up in the front right from being at the very back. It has been written off several times in the past. It has built a huge and very deep customer franchise in its own mother markets. I actually believe that Idea will come out looking much stronger after the next few years which I am sure are going to be very turbulent.We have got a larger player like Jio entering the market with a large presence on the ground, in terms of huge asset base, a player with very deep pockets and it is bound to be disruptive. So, I think for all of us incumbents, it is going to be a tough two years but it will be exciting to see how it plays out.: Like I said, you have got a large player coming in with odious missions, with a track record of performance and I think the fact that it will be disruptive is like I said is given and we are going to see some very interesting times for the next two years for sure.We have enough capacity to serve the market for another 10 years. Jio probably has enough capacity to see expansion of its data usage for next 30-40 years. Having said that, there are gaps in our spectrums. Some markets where we do not have spectrum which we hope to fill in the next auction, will be for sure cannot say, depends on how auction prices actually play out and no one is interesting in the market amongst incumbents who we would actually want to acquire.So we have 80 per cent of our existing markets covered in terms of having 4G spectrum for those markets and I think you put it very appropriately the idea is to bid sensibly and hope that we will cover those gaps. Having said that, there are some incumbents who have valuable assets but no one who we would particularly like to acquire at this point in time.: So we have seen large capex in the last few years which has been on account of rolling out 3G as well as the 4G network and I think you are probably seeing the tail of that will go on for the next few years after which there should be a lull in the capex. I think that is the point when we will start to see returns coming of the investments in the last few years.So what is top priority for us in our insurance business is really to ramp up distribution and that could happen through tie up with banks as you, we do not have a banking licence, we do not have our own bank most players have the advantage of having a bank of their own. So no plans to list at the moment focused on ramping up distribution.Most definitely I think we have built a need asset with some very high quality businesses like you said it is a conglomerate of businesses in the financial services space. I think it is very reasonable to assume some sort of a monetisation event may not be an IPO, we still do not have clarity on there but the fact is that we would like to unlock some value for the equity holders of ABFSG which is the financial services arm of the group just because it is an interesting point in time we have reached a critical mass and we could use the equity to fuel the next pace of growth.So again it goes back to what monetisation event gives us the maximum value. When I not just the promoters but as importantly the other shareholders of ABNL, the fact is that we are not really push to the wall, we do not have a financial crunch because of which we need to do something in the next few months, therefore we have the levy of time.So we actually see ourselves as being a strategic investor having been in the business for more than two decades now and if at all we bring in another investor from the outside it would have to be a financial investor. So that is one of the options that one would look at.So like I said no urgency for cash, we have a source of funding in the form of ABNL of which the financial services business is a part and I think we will wait for the opportune time.: So the sense is that it makes you feel very happy which was bottom line should be looking better at least for the next few quarters if not more. Having said that in the last few years you have seen what we call the financialisation of commodities so a huge amount of speculative money that goes in and out of commodities which makes forecasting commodity prices almost an impossibility. So we really have to wait and see how it plays out. So many macro factors globally that comes into play difficult to say whether this upswing is here to stay and if at all for how long.