Multiples Equity Consortium Gains CCI Approval for Stake Acquisition in VIP Industries

A consortium led by Multiples Equity has received the green light from the Competition Commission of India (CCI) to acquire stakes in VIP Industries, a prominent luggage and travel accessories company. This approval follows an announcement made in July by VIP Industries' promoters, Dilip Piramal and his family, regarding their intention to sell up to 32% of their stake to the consortium.

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The consortium includes Multiples Private Equity Fund IV (MPEF), Multiples Private Equity Gift Fund IV (MPGF), Samvibhag Securities, and Caratlane founder Mithun Padam Sacheti along with his brother, Siddhartha Sacheti. The acquisition involves these entities purchasing shares in VIP Industries Ltd., as confirmed by the fair trade regulator in a statement.

Multiples Equity's Strategic Focus

Multiples Equity concentrates on sectors such as financial services, pharmaceuticals, healthcare, consumer goods, and technology. Samvibhag Securities is part of the portfolio of renowned investor Akash Bhanshali. The stake sale will also trigger an open offer to acquire 26% of shares from the open market, adhering to Sebi's takeover regulations.

Upon completion of this transaction, control of VIP Industries will shift to Multiples Private Equity. However, Dilip Piramal and his family will retain their status as shareholders in the Mumbai-based company. Additionally, Dilip Piramal will assume the role of Chairman Emeritus at VIP Industries.

Financial Implications and Market Position

If the open offer is fully accepted, Multiples will pay a total consideration of Rs 1,437.78 crore. As of June 2025, promoters held a 51.73% stake in VIP Industries according to BSE data. The company boasts a market capitalisation of Rs 5,877.49 crore and competes with Samsonite and Safari Industries in both premium and mass segments.

VIP Industries owns brands like Aristocrat, VIP, Carlton, Skybags, and Caprese. In FY24, it captured over 50% of the branded luggage market share. This strategic acquisition aims to strengthen its position further in this competitive landscape.

Additional CCI Approval for PSA India

In another development on Tuesday, CCI approved PSA India Pte Ltd's acquisition of an additional 40% shareholding in PSA Bharat Investments Pte Ltd. This move will grant PSA India full ownership of PSA Bharat Investments' equity shareholding.

PSA India is a Singapore-based investment holding company under PSA International Pte Ltd., focusing on investments within India's Maritime Supply Chain sector. Meanwhile, PSA Bharat Investments manages investments in Indian subsidiaries offering container terminal services.

Regulatory approval is mandatory for deals surpassing certain thresholds to ensure fair competition and prevent unfair business practices in the marketplace.

With inputs from PTI