We believe TGBL-TCL's consumer business merger is EPS accretive as TCL's consumer business EBIT margin of 17% is higher than TGBL's 9% for FY19 in addition to synergy benefits on account of distribution and cost rationalisation resulting in 100-150 bps expansions in EBITDA margins. Though, India tea and salt business are low growth saturated categories, but strong cash flow of both the businesses would help TGBL to spend more in terms of A&P; for pulses, spices, water & other categories. We believe investment behind new categories would be the key to growth in future....