VIP Industries to be acquired by Multiples-led consortium: CCI nod sought

A consortium led by Multiples Equity seeks CCI approval to acquire a 32% stake in luggage maker VIP Industries. The move comes after Dilip Piramal and Family announced plans to sell their stake to the consortium. The acquisition will trigger an open offer to acquire 26% from the open market, and control of the company will be transferred to Multiples Private Equity. The deal is valued at Rs 1,437.78 crore.

A consortium led by Multiples Equity has submitted a proposal to the Competition Commission of India (CCI) seeking approval to acquire a 32% stake in VIP Industries. The move comes following an announcement by Dilip Piramal and Family, the current promoters of VIP Industries, that they will sell up to 32% of their stake to the consortium. The acquisition will also trigger an open offer to acquire an additional 26% of shares from the open market, as per the Securities and Exchange Board of India's (SEBI) takeover regulations.

The Multiples consortium consists of Multiples Private Equity Fund IV (MPEF), Multiples Private Equity Gift Fund IV (MPGF), Samvibhag Securities, Caratlane founder Mithun Padam Sacheti, his brother Siddhartha Sacheti, and Profitex Shares and Securities. The consortium has stated that the proposed combination will not alter the competitive dynamics or cause any appreciable adverse effect on competition in India, aligning with the previous decisional practice of the CCI [1].

The transaction is valued at Rs 1,437.78 crore, assuming full acceptance of the open offer. As of June 2025, the promoter and promoter entities owned a 51.73% shareholding in VIP Industries. Post-acquisition, control of the company will be transferred to Multiples Private Equity, while Dilip Piramal and his family will continue to be shareholders. Dilip Piramal will also become Chairman Emeritus of VIP Industries [2].

VIP Industries, headquartered in Mumbai, is Asia's largest and the world's second-largest luggage maker. It competes with Samsonite and Safari Industries in the premium and mass segments, owning brands such as Aristocrat, VIP, Carlton, Skybags, and Caprese. The company's market capitalization stands at Rs 6,389.47 crore, and it has over 10,000 points of sale in 45 countries. Despite facing stiff competition from rivals, VIP Industries reported revenue of Rs 2,169.66 crore for the financial year ended on March 31, 2025 [3].

References:
[1] https://www.thehindubusinessline.com/markets/multiples-equity-led-consortium-seeks-cci-nod-to-acquire-32-stake-in-vip-industries/article69861340.ece
[2] https://economictimes.indiatimes.com/industry/cons-products/durables/multiples-equity-led-consortium-seeks-cci-nod-to-acquire-32-pc-stake-in-vip-industries/articleshow/122933818.cms
[3] https://m.economictimes.com/industry/cons-products/durables/multiples-equity-led-consortium-seeks-cci-nod-to-acquire-32-pc-stake-in-vip-industries/articleshow/122933818.cms