We value TTCHs consumer business at 22x FY18 EBITDA (~30% premium to its trading EV/EBITDA), and TCO at 15x FY18 EBITDA (~15% premium to its trading EV/EBITDA). For an TGBL would have to issue 320.9m shares for TTCHs consumer business and 146.7m shares for TCO. However, for a shares to be issued would be 160.5m for TTCHs consumer business and 73.3m for TCO. Additionally, for 50% equity - 50% cash deal, TGBL would have to raise debt of INR43.4b for TTCHs consumer business and INR19.8b for TCO. TTCHs consumer business contributes ~41% to the overall revenue of the standalone entity and ~14% to consolidated revenue. However, given the high margin (~28%), high RoCE nature of the consumer business, we believe the business deserves valuations comparable to its peers, which is not being realized, as it is being consolidated with TTCHs commodities business.