Demerger will lead to substantial value unlocking In May 2017 CESC announced the much expected restructuring of its business into four business verticals (a) Power Distribution (Kolkata licence, Noida Power & distribution franchisee business), (b) Power Generation (standalone, Haldia & Chandrapur), (c) Retail (Spencer's Retail) and (d) CESC Ventures (First Source and Quest Mall). CESC's proposed demerger plan will lead to substantial value unlocking since it separates the...