CCI okays Multiples Equity-led consortium proposal to acquire stake in VIP Industries

New Delhi, Aug 26 (PTI) A group of investors led by Multiples Equity on Tuesday received approval from the Competition Commission of India (CCI) to acquire stakes in luggage and travel accessories maker VIP Industries.

VIP Industries promoters Dilip Piramal and Family in July had announced the sale of up to 32 per cent of their stake in the company to a consortium led by Multiples Equity, an alternative asset management company.

The consortium comprises Multiples Private Equity Fund IV (MPEF), Multiples Private Equity Gift Fund IV (MPGF), Samvibhag Securities, Caratlane founder Mithun Padam Sacheti, and his brother, Siddhartha Sacheti.

"The proposed combination relates to the acquisition of certain shareholding by Multiples Private Equity Fund IV, Multiples Private Equity Gift Fund IV, Samvibhag Securities Pvt Ltd, Mithun Sacheti and Siddhartha Sacheti in VIP Industries Ltd," the fair trade regulator said in a release.

Multiples focuses on core sectors of financial services, pharma & healthcare, consumer and technology, and Samvibhag Securities is a portfolio company of ace investor Akash Bhanshali.

The stake sale to the consortium will also trigger an open offer to acquire 26 per cent share from the open market, as per the Sebi's takeover regulations.

After the completion of the transaction, control of the company will be transferred to Multiples Private Equity while Dilip Piramal and family will continue to be shareholders in the Mumbai-based VIP Industries. Moreover, Dilip Piramal will be Chairman Emeritus of VIP Industries, it added.

Assuming full acceptance of the open offer, the total consideration payable by Multiples will be Rs 1,437.78 crore.

As of June 2025, the promoter and promoter entities owned a 51.73 per cent shareholding in VIP Industries, as per the shareholding data on the BSE.

VIP Industries, which has a market capitalisation of Rs 5,877.49 crore, competes with Samsonite and Safari Industries in the premium and mass segment. It owns brands such as Aristocrat, VIP, Carlton, Skybags, and Caprese and had over 50 per cent market share in the branded luggage market in FY24.

In a separate release on Tuesday, competition watchdog CCI has granted approval for the acquisition of an additional 40 per cent shareholding by PSA India Pte Ltd in PSA Bharat Investments Pte Ltd.

Pursuant to the proposed combination, PSA India Pte Ltd will be entitled to 100 per cent of the equity shareholding of PSA Bharat Investments Pte Ltd, the regulator said.

PSA India is a Singapore-based investment holding company and a subsidiary of PSA International Pte Ltd. It holds investments in companies that are active in the Maritime Supply Chain in India.

Singapore-based PSA Bharat Investments holds investments in India-domiciled subsidiaries that provide container terminal services in India.

Deals exceeding a certain threshold require approval from the regulator, which monitors unfair business practices and promotes fair competition in the marketplace. PTI HG HG MR