Multiples Private Equity is set to acquire a controlling stake in India’s leading luggage maker, VIP Industries, through a transaction involving the purchase of up to 32% from the founding Piramal family, according to a report by Reuters citing a company statement released Sunday.
The deal, which falls under the scope of India’s SEBI Takeover Regulations, will trigger a mandatory open offer to public shareholders. Following completion, control of the listed firm will shift to the Multiples Consortium, while the Piramal family will retain a minority interest.
Dilip Piramal, who currently serves as Chairman, will transition to the role of Chairman Emeritus post-transaction, the company confirmed.
The transaction remains subject to regulatory approvals, including clearance from the Competition Commission of India, and will proceed in compliance with SEBI’s framework governing substantial acquisitions.
Founded in 1971, VIP Industries is one of India’s most recognised travel goods brands, and the deal marks a significant bet by Multiples PE on India’s consumer discretionary segment.
