The Competition Commission of India has approved the acquisition of shareholding by Multiples Private Equity Fund IV, Multiples Private Equity Gift Fund IV, Samvibhag Securities Private Limited, Mr. Mithun Padam Sacheti and Mr. Siddhartha Sacheti in V.I.P. Industries Limited.

The proposed combination relates to the acquisition of certain shareholding by Multiples Private Equity Fund IV (MPEF), Multiples Private Equity Gift Fund IV (MPGF), Samvibhag Securities Private Limited (Samvibhag), Mr. Mithun Padam Sacheti (Mr. Mithun) and Mr. Siddhartha Sacheti (Mr. Siddhartha) in V.I.P. Industries Limited (Target).

MPEF is a Category II Alternative Investment Fund (AIF) registered with Securities and Exchange Board of India and is managed by Multiples Alternate Asset Management Private Limited (MAAMPL). MPGF is an investment fund registered with International Financial Services Centres Authority as a Restricted Scheme (Non-Retail) Category II AIF which is managed by Multiples Asset Management IFSC LLP, a controlled entity of MAAMPL. MPEF and MPGF belong to the Multiples group, which is directly or indirectly present in sectors including consumer, industrial, information technology, financial services, healthcare, pharmaceuticals, etc. through its investee companies.

Samvibhag is an entity engaged in investment activities and is a portfolio company of Mr. Akash Bhanshali.

Mr. Mithun and Mr. Siddhartha are natural persons.

The Target is a listed company engaged in the manufacture and sale of luggage, handbags, and travel accessories.

Detailed order of the Commission will follow.

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(Release ID: 2161137)