That is a very good analysis, however, in general the deals are struck with various other factors affecting the pricing. Also, such deal values may give a reflection of value but mostly do not indicate the value at which the comparing company usually arrives.
Current value of Tata Chemical should come from its growth drivers and longevity of core business. Specialty Chemicals is the buzz word around since couple years and more so now - unfortunately they dont seem to have significant presence here and any significant action indicating that focus.
Battery for Automobiles - This is a nascent area with multiple possibilities on how the manufacturing, supply chain, usage and maintenance would happen in future. Very difficult to bet on this part of business.
The branded consumer business - The charm which got me attracted to it initially, is now with Tata Consumer Products.
So basically it is left with its core business and some debt…
Having said that, Tata’s have been constantly reinventing themselves ever since Chandra happened. So it is important keeping track of this company
Also what is not lost though - Is the management and people who had the capability to innovate and make a brand out of basic commodities. Huge respect for the creators of Tata Sampann!