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Private equity deal: Multiples-led consortium moves CCI for 32% VIP Industries stake; Rs 1,438 crore deal to trigger open offer

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A consortium led by Multiples Alternate Asset Management has approached the Competition Commission of India (CCI) seeking approval to acquire a 32% stake in luggage maker VIP Industries, according to a notice filed with the regulator.The application follows the July 13 announcement that VIP Industries’ promoters — Dilip Piramal and family — will sell up to 32% of their shareholding to the Multiples-led group. The proposed acquisition will trigger a mandatory open offer for an additional 26% stake from public shareholders, in accordance with Sebi’s takeover code, PTI reported.Assuming full acceptance of the open offer, the deal is valued at Rs 1,437.78 crore. Upon completion, control of the company will shift to Multiples, although the Piramal family will remain shareholders. Dilip Piramal will be designated Chairman Emeritus.The investor consortium includes Multiples Private Equity Fund IV (MPEF), Multiples Private Equity Gift Fund IV (MPGF), Samvibhag Securities (a portfolio company of investor Akash Bhanshali), and Caratlane founder Mithun Padam Sacheti and his brother Siddhartha Sacheti. Profitex Shares and Securities is also part of the transaction.“The proposed combination will not lead to any change in the competitive dynamics, let alone cause any appreciable adverse effect on competition in India,” the consortium stated in its CCI filing. It also noted that defining a relevant market could be left open, consistent with previous CCI practice.Multiples focuses on core sectors such as financial services, pharma and healthcare, consumer, and technology. Samvibhag Securities represents interests aligned with Bhanshali.As of June 2025, promoter entities held 51.73% in VIP Industries. With a market capitalisation of Rs 6,389.47 crore, the Mumbai-based firm competes with Samsonite and Safari Industries in the premium and mass segments. It owns brands like VIP, Aristocrat, Skybags, Carlton, and Caprese, and had over 50% market share in India’s branded luggage space in FY24.However, increasing competition has begun to eat into VIP’s share. For FY25, the company reported revenue of Rs 2,169.66 crore. Founded in 1971, VIP is Asia’s largest and the world’s second-largest luggage manufacturer, with over 10,000 retail points across 45 countries.

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