Bhavarlal H. Jain, Founder-Chairman of publicly listed Jain Irrigation provide an interesting first person account in Business Today. Between 1992 and 1994 we acquired an IT company, took a granite quarry on lease, ventured into merchant banking and even bought an advertising agency. These diversifications happened along with forward/backward integration projects for our existing operations. By March 1997, we were trying to manage 11 different projects involving an investment of Rs 400 crore - almost equal to the company's size then. About Rs 250 crore was raised by way of debt. ...In early 2001, Aqua International Partners, a water-specific boutique fund, offered to invest in the company. There was a catch: we had to give the fund a controlling stake. We grappled with the unenviable question: who should survive, the promoter or the company? We decided to cede control, and in August 2002, the fund invested Rs 183 crore and took a 49.4 per cent stake in the company. The promoters...