Why does Aurobindo propose to demerge its injectables business?

Aurobindo Pharma will separate its injectables business and it is likely to be completed in FY22. The idea is to unlock value as injectables account for 20% of total revenues. The dichotomy is that injectables generally get a valuation globally of around 30X P/E while Aurobindo is available at 14X P/E. It could try this strategy for biosimilars too. Injectables business is estimated to double its revenues to $700 billion in 3 years.