Combination Registration No. C-2025/07/1305
Ms. Ravneet Kaur
Chairperson
Mr. Anil Agrawal
Member
Ms. Sweta Kakkad
Member
Mr. Deepak Anurag
Member
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On 25^th July 2025, the Competition Commission of India (Commission) received a Notice under Section 6(2) of the Competition Act, 2002 (Act) given by Multiples Private Equity Fund IV (MPEF), Multiples Private Equity Gift Fund IV (MPGF) [MPEF and MPGF are collectively referred to as ‘Multiples Funds’], Samvibhag Securities Private Limited (Samvibhag), Mr. Mithun Padam Sacheti (Mr. Mithun) and Mr. Siddhartha Sacheti (Mr. Siddhartha) [collectively, ‘Notifying Parties/Acquirers’].
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The Notice was filed pursuant to the execution of Share Purchase Agreement dated 13^th July 2025 executed amongst the Acquirers and certain existing promoters of the V.I.P. Industries Limited (VIP/Target)(Sellers), Shareholder’s Agreement dated 13^th July 2025 amongst Multiples Funds and certain existing promoters of the Target (i.e. DGP Group) (SHA) and a Limited Purpose Agreement dated 13^th July 2025 entered into amongst the Acquirers to record their inter se rights and obligations (LPA).
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The proposed combination envisages acquisition of approximately 32% shareholding in Target, in one or more tranches, through a mix of secondary purchase and acquisition of shares by way of an open offer by the Acquirers (Proposed Combination).
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In terms of Regulation 14 of the Competition Commission of India (Combinations) Regulations, 2024 (Combinations Regulations), vide letter dated 07^th August 2025, certain information and clarifications were sought from the Notifying Parties. The response to this letter was received on 18^th August 2025.
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MPEF is an investment fund registered with SEBI as a Category II Alternative Investment Fund (AIF) which is managed by Multiples Alternate Asset Management Private Limited (MAAMPL). Apart from MPEF, MAAMPL is also the investment manager of Multiples Private Equity Fund III, Multiples Private Equity Fund – Scheme I and Multiples Private Equity Fund II LLP (collectively, ‘India Funds’). India Funds have a broad base of investors, with no natural person holding directly or indirectly more than 10% of beneficial interest.
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MPGF is an investment fund registered with International Financial Services Centres Authority (IFSCA) as a Restricted Scheme (Non-Retail) Category II AIF which is managed by Multiples Asset Management IFSC LLP (MIFSC), a controlled entity of MAAMPL.
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As such, with respect to MPEF and MPGF, MAAMPL is responsible for day-to-day operations and implementation of investment decisions. MAAMPL also acts as a sub-advisor (on a non-binding basis) for Plenty Private Equity Fund I Limited, which has investments in India and are registered as a Closed End Fund with the Financial Services Commission of Mauritius. Plenty CI Fund I Limited acts as co-investor with Plenty Private Equity Fund I Limited for some investments. MAAMPL, MIFSC, MPEF, MPGF, Multiples Plenty Private Equity GIFT Fund, Multiples PE Gift Fund SPV1 and Multiples PE Gift Fund SPV2, Plenty Private Equity Fund I Limited, Plenty CI Fund I Limited and India Funds, are collectively referred to as the ‘Multiples Group’. In India, the Multiples Group, through its investee companies, is directly or indirectly present in sectors including consumer, industrial, information technology, financial services, healthcare, pharmaceuticals, etc.
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Samvibhag is a private limited company incorporated in India. It is a wholly owned subsidiary of Profitex Shares & Securities Private Limited (Profitex). Mr. Akash Bhanshali holds approximately 70% of the shareholding in Profitex. Consequently, Samvibhag and Profitex are Akash Bhanshali’s portfolio companies (AB Portfolio Companies). In India, Samvibhag is engaged in investing activities.
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Mr. Mithun and Mr. Siddhartha are natural persons acting in their personal capacity. They have investments across multiple companies engaged in various sectors.
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VIP, i.e. the Target, is a listed company incorporated in India. It is engaged in the business of manufacture and sale of luggage, handbags and travel accessories. It inter alia operates under the brand names such as VIP, Skybags, Alfa, Aristocrat, Caprese etc. The Target has five wholly owned subsidiaries, out of which only one is present in India while the remaining are present in Bangladesh.
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For the purpose of overlap assessment, the activities of the Acquirers (including their affiliates) and the Target (and its affiliates) [collectively referred to as the ‘Parties’] have been considered.
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Considering the activities of the Parties, their presence overlaps in the overall luggage segment and in some of its narrower segments. Horizontal overlaps have been considered in the market for: manufacture and sale of luggage in India (Luggage Market); manufacture and sale of uprights in India (Uprights Market); manufacture and sale of uprights in the organised segment (Organised Uprights Segment); and manufacture and sale of backpacks (including duffle bags) (Backpacks Market). Plausibly, these segments may further be sub-segmented on the basis of form, size, material (such as polycarbonate, ABS, nylon, leather, etc.), design (e.g., rolling and carried), pricing (mass, mid-premium and premium segment) etc. However, given the limited nature and extent of the overlaps and the competition assessment given in the subsequent paragraphs, the Commission observed that the Proposed Combination is not likely to cause a significant change in market dynamics in any of the plausible markets that could be delineated and accordingly, decided to keep the definition of relevant market open.
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With regard to vertical linkages, a potential vertical linkage has been identified between the Target in the upstream market for manufacture and sale of handbags and an affiliate of the Acquirers in the downstream market for sale of Handbags (Potential Vertical Linkage).
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The Commission noted that though the Target’s market share in Luggage market, Uprights market, Organised Uprights market and Backpacks market is [5-10]%, [10-15]%, [25-30]% and [0-5]% respectively, the market share of the Acquirers’ affiliates in all these markets is [0-5]%. Further, there are many established players in the luggage market segment and sub-segments such as Safari, Samsonite and Wildcraft. Thus, given the miniscule incremental market share owing to the Acquirers’ presence through their affiliate and the presence of other established players in the aforementioned market segments, the Proposed Combination is not likely to raise any competition concern.
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On the Potential Vertical Linkage, the Commission observed that the Target’s market share in the handbags market is [0-5]% and the said market is quite competitive with the presence of several significant players. Further, the distribution segment is fragmented and competitive, leaving the Parties with no ability or incentive to cause any kind of input or customer foreclosure.
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Considering the material on record, including the details provided in the Notice and the assessment of the Proposed Combination based on the factors stated in Section 20(4) of the Act, the Commission is of the opinion that the Proposed Combination is not likely to have appreciable adverse effect on competition in India. Therefore, the Commission approves the Proposed Combination under Section 31(1) of the Act.
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The order may be revoked if, at any time, the information provided by the Notifying Parties is found to be incorrect.
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The information provided by the Notifying Parties shall be treated as confidential in terms of and subject to provisions of Section 57 of the Act.
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The Secretary is directed to communicate to the Notifying Parties accordingly.
