Advent in talks for VIP majority stake

Promoters put entire 51.74% stake on block; open offer to follow

- Ranjani Raghavan & Sneha Shah

Global private equity firm Advent International is eyeing a controlling stake in listed luggage and travel accessories maker VIP Industries Ltd, three people with knowledge of the development said. This marks a revival of sale talks after almost a year when the Dilip Piramal-led promoter group first decided to pare stake.

"The deal has been revived, and Advent is the front runner," the first person cited above said. The second person said that the talks were not yet conclusive and could fall apart.

"The entire promoter stake is up for sale," the second person added. The proposed stake sale, if it goes through, will also trigger an open offer as per the regulatory guidelines. All three people cited above spoke on condition of anonymity.