Dilip Piramal Revives Talks to Sell VIP Stake

Firm hires new banker, six months after deal with Advent fell through

- Sneha Shah

IP Industries Ltd promoter Dilip Piramal has revived stake sale plans, almost six months after talks to sell control of the listed luggage maker fell through, four people with knowledge of the development said.

The firm has appointed investment bank Arpwood to help it with the stake sale, the people said, speaking on condition of anonymity. "Early days. We will have to see how the deal progresses," said one of the persons cited above.

Last year, the company was in advanced talks with global private equity firm Advent International to sell controlling stake, Mint had reported. "The deal did not go through due to various reasons, including valuation mismatch," the second person cited above said.

Emailed queries to Dilip Piramal did not elicit a response. An Arpwood spokesperson declined to comment.