VIP Industries has announced that Dilip Piramal and family will sell up to a 32% stake to the Multiples Consortium, triggering an open offer under SEBI regulations. Post-deal, control will shift to Multiples Private Equity, with Dilip Piramal remaining a shareholder and becoming Chairman Emeritus.
The move aims to revive VIP’s legacy and strengthen its position in the Indian luggage market. The transaction is subject to regulatory approvals, including from the Competition Commission of India. Arpwood Capital, JM Financial, and multiple legal advisors facilitated the deal.