Bizman Sells Stake In Rs 6,800-Crore Company That Made Suitcases For A Generation Of Indians
Dilip Piramal sold his controlling stake in VIP Industries, a ₹6,800-crore luggage giant, to private equity investors. He will retain a 20% stake.
Dilip Piramal, the businessman behind the company that made suitcases for a generation of Indians, sold his controlling stake in VIP Industries- a ₹6,800-crore luggage giant he led for over five decades. He said that the younger generation of his family is not interested in managing the business as the company's promoter group prepares to offload a 32% stake to a group of private equity investors and others.
'We are a family-owned business, and the next generation is not very keen on running it," Dilip Piramal said, a day after the company informed stock exchanges of the significant divestment.
The move marks a turning point for VIP Industries, one of India's leading luggage manufacturers. Dilip Piramal, who has led the company for over five decades, will step away from the board and will retain a 20% stake but will no longer be involved in operations or governance. According to a report by CNBC-TV18, the 75-year-old expressed regret over not exiting earlier, when the company's valuation was higher. He said, 'Two years ago, the share price was ₹700, market cap was ₹10,000 crore, and we got an offer for that price. But my management at that time felt that in six months or in one year, the share price will go up by 50%… unfortunately, that hasn't happened."
The 32% stake is being sold to private equity firm Multiples, along with investors Mithun Sancheti, Siddhartha Sancheti and Samvibhag Securities. The transaction, valued at ₹1,763 crore, prices the shares at ₹388 apiece- roughly 15% below the stock's closing price on July 11.
VIP's Market Performance
VIP Industries, which has a current market capitalization of ₹6,830 crore, has faced challenges in recent years. Over the last 52 weeks, the company's stock has fluctuated between a high of ₹589.75 and a low of ₹248.35. Dilip Piramal said, 'In all our 53 years of existence, VIP has been the market leader. But in the last five years, we have been losing market share. Last year, we reported losses in all four quarters."
Dilip Piramal has three daughters from two marriages. He was first married to Gita Piramal, with whom he had two daughters- Radhika and Aparna- before the couple divorced in 2005. Later that year, he married Shalini Agarwal and the couple have a daughter named Priyadarshini. Dilip Piramal is the elder brother of industrialist Ajay Piramal. His nephew Anand Piramal is married to Isha Ambani, daughter of Reliance Industries Chairman Mukesh Ambani.
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July 17, 2025, 17:27 IST
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