Thats correct and obvious, because they havent divested it…point is, they see it as long term bet in what context? As a means to supplement core business, as investment and creating shareholder value or a financial investment to be kept and used to supplement core business till they keep it? or something else? … Do they have separate management team for this business?
If someone is projecting that its mcap may exceed that of United Spirits of today (if seperately listed), then does this business not need its own management team, seperate balance sheet etc.? It will need a proper roadmap and it should be known if it were to achieve that scale…
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