Holding Companies aka Investment Vehicles

Dear Members,
Whats the deal with investment companies? Is investing in them a good idea? They pay good dividends. And they hold very good chunk of shares of good companies too. For instance, Tata Investment Corpn, Bajaj Holdings, JSW holdings, MH Scooters etc hold good quality shares in great quantity. What’s the play here? Inviting y’all valuable opinion.

Company Kama Holdings Bajaj Holding and Investment Ltd Bengal & Assam Company Ltd
Stock PE 7.65 10.8 3.69
PBV 1.23 1.06 0.46
RoCE 24.7 11.6 15
Debt to Equity 0.92 0 1.31
Investee Company
Company SRF Limited Bajaj Auto Ltd JK Tyre & Industries Ltd
Stock PE 32.8 25.3 11.1
PBV 5.72 4.51 1.23
RoCE 18.4 25.4 13.2
Debt to Equity 0.44 0 1.5

Even I found that they are undervalued than their respective investee company.