Abstract: : The art of valuation hinges to a great extent on how the pre-valuation exercise is conducted. This is true, especially for listed companies. The exercise is highly subjective and is quite confusing for anyone carrying it out for the first time. This case captures the dilemma of Ramesh Awasthi an intern, in the Family office of Awasthi Group who was asked to value ITC Ltd.The primary challenge he was facing was related to converting the data he had gathered during his research into meaningful information.The company had over the years diversified into unrelated business and each segment had its drivers and its set of complexity.

Learning objectives
Following are the learning objectives of the case study:
1. To interpret relevant information from Exhibits
2. To design a step by step valuation road map