VIP Industries , a leading luggage manufacturer, has announced significant changes to its board of directors following the acquisition of management control by Multiples Group. The restructuring, which took effect on September 23, 2025, marks a new chapter in the company's leadership.

New Appointments

The company has appointed several new directors to its board:

• Ms. Renuka Ramnath: Appointed as Additional Director and Chairperson
• Mr. Sridhar Sankararaman: Appointed as Additional Director (Non-Executive Non-Independent)
• Ms. Shalini D. Piramal: Appointed as Additional Director (Non-Executive Non-Independent)
• Mr. Rajendra Agarwal: Appointed as Additional Director (Non-Executive & Independent) for a term of 5 years
• Mr. Atul Jain: Appointed as Managing Director for a five-year term starting September 23, 2025, subject to shareholder approval

Resignations

Several directors have stepped down from their positions:

• Mr. Dilip Piramal: Resigned as Chairman and Non-Executive Non-Independent Director
• Ms. Radhika Piramal: Resigned as Vice-Chairperson and Executive Director
• Mr. Ashish Saha: Resigned as Executive Director
• Mr. Ramesh Damani: Resigned as Non-Executive Independent Director
• Ms. Neetu Kashiramka: Resigned as Managing Director, effective from the close of the board meeting

Chairman Emeritus

In recognition of his valuable contributions, Mr. Dilip Piramal has been appointed as Chairman Emeritus of VIP Industries on an honorary basis for life. This position does not include board membership or remuneration.

Background of the Acquisition

The board restructuring follows a Share Purchase Agreement (SPA) and Shareholders' Agreement (SHA) that received approval from the Competition Commission of India on August 26, 2025. As a result of this transaction:

1. The SHA became effective on September 23, 2025.
2. Multiples Private Equity Fund IV and Multiples Private Equity Gift Fund IV (collectively, "Multiples Group") now have the right to nominate the majority of the company's directors.
3. Multiples Group has acquired 'Control' and has been classified as 'Promoters' of VIP Industries.

Management Continuity

While Mr. Ashish Saha has resigned from his position as Executive Director, he will continue to be employed by VIP Industries as Senior Vice President – Manufacturing & New Projects and remain part of the Leadership team. Ms. Neetu Kashiramka will remain employed with the company until October 31, 2025.

New Directors' Experience

The newly appointed directors bring a wealth of experience to VIP Industries:

• Ms. Renuka Ramnath has over 32 years of experience in the Indian financial sector.
• Mr. Sridhar Sankararaman has two decades of experience in financial services, including 15 years in private equity.
• Ms. Shalini D. Piramal brings extensive experience in the real estate sector and retail operations.
• Mr. Rajendra Agarwal is a gold medalist in Textile Technology with over four decades of techno-commercial expertise in the Textile industry.
• Mr. Atul Jain, an alumnus of IIT-Delhi and IIM-Calcutta, previously served as Senior Director at Samsung Electronics global headquarters in South Korea and held roles at companies including Aptech Ltd., Coca-Cola, Godfrey Phillips India Ltd., and Bharti Airtel.

These changes represent a significant shift in VIP Industries' leadership structure, aligning with the new ownership under Multiples Group. The company's stakeholders will be watching closely to see how these changes impact the future direction and performance of this well-known luggage brand.

Mr. Jain, who is not related to any current directors of the company, has been authorized to determine materiality of events for stock exchange disclosures.

In a significant development for the Indian luggage industry, the Competition Commission of India (CCI) has given its approval for multiple private equity (PE) funds to acquire stakes in VIP Industries . The transaction, which involves Samvibhag Securities and other entities, has cleared a crucial regulatory hurdle, paving the way for its completion.

Regulatory Approval

The CCI's decision allows the PE funds to proceed with their investment in VIP Industries, one of India's leading luggage manufacturers. This approval is a critical step in ensuring that the transaction complies with India's competition laws, which are designed to prevent anti-competitive practices and maintain a healthy market environment.

Transaction Details

While specific details about the stake sizes and the identities of all involved PE funds have not been disclosed, the approval mentions Samvibhag Securities as one of the key entities through which the stakes will be purchased. This suggests a structured approach to the investment, possibly involving a consortium of investors.

Implications for VIP Industries

For VIP Industries, this development could signify a new chapter in its corporate journey. Private equity investments often bring not just capital but also strategic expertise and potential operational improvements. The infusion of PE funds might enable VIP Industries to strengthen its market position, explore new growth opportunities, or undertake expansion plans.

Market Perspective

The luggage industry in India has been evolving rapidly, with changing travel patterns and increasing disposable incomes driving growth. VIP Industries, with its established brand presence, stands to benefit from additional capital and expertise that PE investors typically bring to the table.

This CCI approval marks a significant milestone in the transaction process. Stakeholders and market observers will be keenly watching how this investment unfolds and its potential impact on VIP Industries' future strategies and market dynamics in the Indian luggage sector.