Latest news with #MithunSancheti
News18
17-07-2025
- Business
- News18
Bizman Sells Stake In Rs 6,800-Crore Company That Made Suitcases For A Generation Of Indians
Last Updated: 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. view comments First Published: July 17, 2025, 17:27 IST Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
Mint
14-07-2025
- Business
- Mint
Stocks to watch: VIP Industries, HCL Tech, D-Mart, RIL among shares in focus today amid Trump's tariff news
Shares of HCL Tech, Tata Tech and Ola Electric will remain in focus as the companies will be declaring Q1 results today, July 14. Multiples Private Equity Fund IV, Multiples Private Equity Gift Fund IV, Samvibhag Securities Pvt. Ltd., along with Mithun Sancheti and Siddhartha Sancheti, have jointly agreed to acquire a 32% stake in VIP Industries that is currently owned by a group of promoters. DMart posted a standalone net profit of ₹ 830 crore for the first quarter, marking a modest 2% increase from ₹ 812 crore reported in the same quarter last year. The state-owned heavy equipment manufacturer announced that its board will meet on Monday, July 21, 2025, to discuss a potential stock split, involving the sub-division of its equity shares. The pharmaceutical giant has announced a strategic shift in its U.S. operations, deciding to withdraw from the generics drug business in the region. Mukesh Ambani-led Reliance Industries (RIL) is set to announce its earnings for the June quarter on Friday, July 18. The company, along with its listed InvIT joint venture IRB Infrastructure Trust, reported a combined toll revenue of ₹ 1,680 crore for the first quarter of FY26, reflecting an 8% increase from ₹ 1,556 crore in the same period last year. In June 2025 alone, toll collections grew by 5% year-on-year to ₹ 544.8 crore. The company announced that it has issued 1.08 crore equity shares to Ardour Investment Holding Ltd, a member of the promoter group, by converting share warrants, resulting in a fundraise of ₹ 1,208.59 crore. The company has secured a Letter of Acceptance from the Mumbai Metropolitan Region Development Authority (MMRDA) for a contract valued at ₹ 2,269 crore related to Mumbai Metro Line 6 – Package 1-CA-232. HUL stated that Ritesh Tiwari remains the Executive Director for Finance and IT, as well as the Chief Financial Officer of the company. Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
