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

A consortium led by Multiples Alternate Asset Management has approached the Competition Commission of India (CCI) looking for approval to purchase a 32% stake in baggage maker VIP Industries, in accordance to a discover filed with the regulator.The software follows the July 13 announcement that VIP Industries’ promoters — Dilip Piramal and household — will promote up to 32% of their shareholding to the Multiples-led group. The proposed acquisition will trigger a compulsory open offer for an extra 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, management of the corporate will shift to Multiples, though the Piramal household will stay shareholders. Dilip Piramal shall be designated Chairman Emeritus.The investor consortium contains Multiples Private Equity Fund IV (MPEF), Multiples Private Equity Gift Fund IV (MPGF), Samvibhag Securities (a portfolio firm of investor Akash Bhanshali), and Caratlane founder Mithun Padam Sacheti and his brother Siddhartha Sacheti. Profitex Shares and Securities can be a 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 acknowledged in its CCI submitting. It additionally famous that defining a related market could possibly be left open, according to earlier CCI observe.Multiples focuses on core sectors equivalent to monetary providers, pharma and healthcare, shopper, and expertise. Samvibhag Securities represents pursuits 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 agency competes with Samsonite and Safari Industries within the premium and mass segments. It owns manufacturers like VIP, Aristocrat, Skybags, Carlton, and Caprese, and had over 50% market share in India’s branded baggage area in FY24.However, rising competitors has begun to eat into VIP’s share. For FY25, the corporate reported income of Rs 2,169.66 crore. Founded in 1971, VIP is Asia’s largest and the world’s second-largest baggage producer, with over 10,000 retail factors throughout 45 nations.