The Indian Hotels Company Limited (BSE:500850) is looking for M&A. Giridhar Sanjeevi, EVP and CFO said "As far as inorganic is concerned, we continue to look at opportunities, Shaleen. I think as we have always pointed out, I think the NCLT has been a very difficult way in terms of hotel properties so far actually. So we'll have to do some bilateral transactions.

And we continue to look at. We've got a very good business development team, which kind of looks at all of this. And I think and ultimately, what is important is not just the opportunity, but also to make sure that we pay the right price as well actually.

So organic growth through greenfields, whether it is using extra available in lands rent to sort of build, all of those we will do, Shaleen, actually. I think -- and you're absolutely right that these are -- these take 3, 4 years to come. It's not as if that it comes overnight.

Inorganic is important to be able to -- like we talk of conversions in management contracts like [indiscernible] coming on stream one fine day. I think -- I mean, inorganic will actually give us immediate capacity. But we are on the look of where we continue to sort of look at those opportunities provided the value -- these are value accretive actually".