In an exclusive interview to The Financial Express after he took over, Kumar spelt out his plans.

On the new focus of the investment bank

Our focus will clearly be on mergers and acquisitions, advisory services and strategic sales. We have already set up a separate department to look after the M&A business and we have plans to give a big push to this department. They will be backed by some very good work done by our research department.

We will be looking at all companies from pharmaceuticals, cement, chemicals tofood processing. With capital markets down for the moment, we have to look at these areas. At the same time we will also move into structured finance in a big way, project advisory services, infrastructure financing.

Apart from these we will start focussing on buyback of shares that has been announced recently, take part in the disinvestment process and continue with the private placement of debt.

On the disinvestment process that has been kicked off by the government

We have been bidding for whatever has been coming up. We have taken part in the Videsh Sanchar Nigam Ltd's beauty parade for the GDR issue along with ABN Amro Bank. We have bagged the IOC GDR and domestic issue along with JM Financial and other merchant bankers.

We were the first to kick off the disinvestment process when we handled the disinvestment in Vikrant Tyres and Cement Corporation of India.

Now we have been appointed as the advisor for Balco and ITDC and have bagged the mandate for handling the Kudremukh Iron and Steeldisinvestment process.

We are also handling the sale of the three plants of Steel Authority of India and have been mandated by Indian Airlines to draw up a business restructuring plan.

On the investment bank's relationship with Lehman Brothers which was called off recently

It is an on-off relationship that we have decided to have. They have exercised the right of first refusal. We have decided to tie-up with others in that particular sector where these entities are useful.

For example, we have tied up with Dresdner Kleinwort Benson (DKB) for the Kudremukh disinvestment. Similarly, we will look at various partners for various tie-ups.

On the recent ordinance on buyback

With the ordinance on buyback coming, we will also start focussing on buyback of shares and we are sure to play an effective role. I hope the announcement of buyback will ultimately lead to a revival of capital markets.