The logic for using the fair valuation multiples is given in the immediately next column. For example, the tobacco business is benchmarked to the valuation multiples of large tobacco companies of the world such as British American Tobacco and Phillip Morris. Similarly, the FMCG business has been compared with other listed Indian FMCG businesses and I have found it appropriate, at this stage, to be benchmarked against Tata Consumer’s valuation multiples.
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