The article highlights that there are a number of views as to how ITC can unlock value; frequently quoted solutions like demerging diversified businesses of tobacco, agri-products, hotels and paper into standalone companies will fire-wall tobacco assets from other assets - Such arguments are fine and could be effective only when the diversified business have scaled-up into matured businesses with an ability to stand-alone with revenue and profits that can self-sustain. This has not yet happened in ITC; moreover it still seems a long way to go in comparison to its peers.

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