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India.com
18-07-2025
- Business
- India.com
I Regret Not Selling Earlier: Chairman Slams Management Over Missed Opportunity To Offload Company Stakes
New Delhi: Dilip Piramal, Chairman of VIP Industries, said on Monday that his family's younger generation isn't interested in running the business. This came right after the company told stock exchanges that promoter group entities are planning to sell a 32 percent stake to a group of private equity investors and others. 'We are a family-owned business, and the next generation is not very keen on running it,' Piramal told NDTV Profit. 'In all our 53 years of existence, VIP has been the market leader. But in the last five years, we have been losing market share. Last year, we reported losses in all four quarters," he said. VIP Industries, the well-known luggage maker, currently has a market capitalization of about Rs 6,830 crore, as per AngelOne. Over the last year, the stock's highest price was Rs 589.75 and its lowest was Rs 248.35. Speaking to CNBC, Piramal, who is 75, shared some regret about not selling the business when its share price peaked. 'Two years ago, the share price was Rs 700, market cap was Rs 10,000 crore, and we got an offer for that price. But my management at that time felt that in six months or in one year, the share price will go up by 50 percent... unfortunately, that hasn't happened,' Piramal told CNBC-TV18. Now, Piramal has sold a 32 percent stake in VIP Industries to Multiples, a private equity firm, along with Mithun Sancheti, Siddhartha Sancheti, and Samvibhag Securities. This marks the end of his 52 years as the company's leader. The stake is being bought for Rs 1,763 crore, valuing the shares at Rs 388 each, around 15 percent lower than VIP Industries' closing price on Friday, July 11. Piramal will still own a 20 percent stake in the company but won't be on the board anymore. Dilip Piramal has three daughters from two marriages. His first wife was Gita Piramal, whom he divorced in 2005. They have two daughters, Radhika and Aparna. Later in 2005, Dilip Piramal married Shalini Agarwal, and they have a daughter named Priyadarshini. Dilip is also the elder brother of Ajay Piramal. Ajay's son Anand Piramal is married to Mukesh Ambani's daughter, Isha Ambani. Mukesh Ambani is the chairman of Reliance Industries and the richest man in India.
NDTV
18-07-2025
- Business
- NDTV
"Next Generation Not Very Keen On...": VIP's Dilip Piramal On Selling Stake In Rs 6,800 Crore Luggage Company
Dilip Piramal, Chairman of luggage company VIP Industries, has said that the younger generation of his family is not interested in managing the business. His remarks come a day after the company notified the stock exchanges that the promoter group entities plan to sell a 32% stake to a group of private equity investors and others. "We are a family-owned business, and the next generation is not very keen on running it," Mr Piramal told NDTV Profit on Monday, a day after the company informed stock exchanges of the significant divestment. VIP Industries is one of India's leading luggage manufacturers. Dilip Piramal has led the company for over five decades. Speaking to NDTV Profit, he said, "In all our 53 years of existence, VIP has been the market leader. But in the last five years, we have been losing market share. Last year, we reported losses in all four quarters." "The company is facing a lot of management problems, hence it's going to be a struggle for the first time. In 2-3 years, we should do well," the business tycoon added. VIP Industries has a market capitalisation of Rs 6,830 crore, according to financial services website AngelOne. Post the stake sale, Dilip Piramal and the group's shareholding in the company will come down to 19.73% from 51.73%. The sellers include Dilip Piramal and various entities forming part of the promoter group - Kemp and Company Ltd., DGP Securities Ltd., Kiddy Plast Ltd., Piramal Vibhuti Investments Ltd. and Alcon Finance & Investment Ltd. "For me, it's important to safeguard shareholder interests, which aligns with my own. The only viable path forward was to bring in a new management team with ownership interest," Mr Piramal said. He added that after several rounds of discussion, the company has found a private equity investor. "A private equity player suits us well, as their goal is to double or triple their investment in 2-3 years," he told the outlet. The businessman said that he is not looking to sell beyond a 32% stake. "I don't need the money. I need good value for my shares. The company is facing significant management issues, so the road ahead will be challenging initially," he said. However, he added that the company has "strong fundamentals and will turn around soon". "I urge investors to be patient. Management transition is not easy," he said. Mr Piramal also mentioned that someone from the family will continue to hold a seat on the board. Speaking on growth, he said, "International markets are a promising opportunity for us. We have the potential to become a multinational company. India is very well suited for the luggage industry."
NDTV
15-07-2025
- Automotive
- NDTV
Tesla Opens First Showroom In India: All About Mumbai Store
Tesla is finally in India with the launch of its first showroom in Mumbai. Located in the heart of the city, Bandra Kurla Complex (BKC), the 4,000-square-foot space marks the beginning of the electric vehicle giant's long-awaited entry into the Indian market. This flagship showroom, also referred to as a Tesla Experience Centre, is expected to be followed by more outlets in major metros, including New Delhi. The move comes as Tesla looks to explore new growth markets amid slowing demand in its established territories. Where Is The Store And What's Inside? Tesla's Mumbai showroom is located at BKC, one of the city's most upscale commercial districts. Exclusive photographs obtained by NDTV show the storefront fully branded with the Tesla logo, and a white Tesla vehicle, partially covered, inside the showroom. #NDTVProfitExclusive: First pics of Tesla store #Tesla set to launch first experience centre in India today. Store to open in Bandra Kurla Complex, Mumbai @agnidev_ For the latest news and updates, visit: — NDTV Profit (@NDTVProfitIndia) July 15, 2025 This will be Tesla's inaugural experience centre in India, serving as the American EV maker's first physical presence in the country. While the Elon Musk company has not yet confirmed plans for a manufacturing plant or assembly facility in India, the showroom launch is seen as a strategic move to gauge consumer interest and market potential. The showroom is currently showcasing the Model Y, Tesla's all-electric SUV. Images shared on social media show the final pre-launch touches being applied, including the vehicle being transported into the store through a flatbed truck. Tesla showroom, Mumbai. Looking very fly. Can't wait to buy a few cars ASAP. — Ankit Jxa (@kingofknowwhere) July 11, 2025 Model Y For the Indian market, Tesla is reportedly offering the refreshed Model Y, finished in dark grey with black alloy wheels and a sleek, coupe-like silhouette. It will be available in two variants: Long Range RWD and Long Range AWD. Inside, it features a dual-tone black and white cabin with a minimalist design, a 15.4-inch central touchscreen and tech highlights such as wireless charging, USB-C ports, voice commands, internet connectivity and app-based vehicle access. How Much Will It Cost In India? Tesla's Model Y is likely to carry a price tag of over Rs 60 lakh, factoring in India's steep import duties on completely built units (CBUs), according to NDTV Profit. Currently, India levies import taxes ranging between 70% and 100% on fully imported vehicles, significantly inflating the cost for buyers. Tesla CEO Elon Musk has been a vocal critic of high tariffs, repeatedly calling for duty reductions to make Tesla vehicles more affordable for Indian consumers. However, the Indian government has maintained its stance, urging Tesla to commit to local manufacturing instead. Despite ongoing discussions, Tesla has yet to confirm any plans for setting up a factory in India.
NDTV
12-07-2025
- General
- NDTV
First, Final Plane Crash Reports Different In Most Cases: Ex Probe Body Head
With speculation reaching a fever pitch after the preliminary probe report of the Air India Dreamliner crash in Ahmedabad was released in the early hours of Saturday, a former director general of the Aircraft Accident Investigation Bureau (AAIB) has cautioned that the initial findings of aircraft crash investigations and the final findings are different in most cases. Speaking to NDTV Profit, Group Captain Aurobindo Handa (retd), who handled over 100 such investigations himself - including the August 2020 crash of an Air India Express flight from Dubai to Kozhikode - said this probe will be very difficult for the AAIB because most of the plane has been charred, and the final report could take time. The Air India Dreamliner 787-8 had crashed into a medical college's hostel in Ahmedabad on June 12, just 32 seconds after taking off. One passenger had miraculously survived, but all the other 241 people on board and at least 20 on the ground were killed. In its preliminary probe report, the AAIB noted that both engines of the plane had shut down mid-air within seconds of take-off and both fuel cutoff switches, which control the flow of fuel to the engines, moved from 'RUN' to 'CUTOFF' position within a second of each other. The report said that in the cockpit voice recording, one pilot can be heard asking, "Why did you cut off?" and the other replies, "I did not do so". To a question on the time it will take for the final probe report and whether the International Civil Aviation Organisation (ICAO)-recommended 12-month period will be met, Group Captain Handa said the AAIB team will apply the method of elimination and check whether each system was functioning properly. "And then they will deliberate on the exact cause or maybe the probable cause of the accident. As of now, even though the report is out, it just contains the facts of what has gone on in those 30-odd seconds. It is nothing conclusive. So we shouldn't jump to the conclusion that this report is moving in this or that direction, because we have seen the initial findings and the final findings are at variance in the majority of the investigations," the former AAIB Director General said. On whether the black box, consisting of the Flight Data Recorder and the Cockpit Voice Recorder, will need to be sent to the manufacturer to extract data, Group Captain Handa said he does not think that will be a requirement. "I think all the data is available to them, from the startup to the crash. I don't think there is any requirement," he said. Investigation Details Asked about how the investigators will go about determining exactly what happened, Group Captain Handa said they will have to simulate all possible scenarios. The Kozhikode accident, he said, "was much clearer to the investigators than this because this aircraft (involved in the Ahmedabad crash) is, I would say, 90 per cent charred. So this will pose a huge challenge." In Kozhikode, a Boeing 737 had skidded off the runway and broken into two after landing, killing 21 people. On the likely timeline for the final report on the Ahmedabad crash, Mr Handa said the process is thorough and will take time. "I would request everyone through your medium that we shouldn't be expecting miracles because this aircraft crash investigation is a very long-drawn process and it's a very thorough process. We have to follow a manual which has been given by the ICAO and which has also been adopted by the AAIB," he said. The ICAO-recommended time is 12 months, he said, and it is the same for the AAIB. "They will try to hasten it and submit a report as soon as possible because the stakes are very high in this accident. But it can take time, and no one, not even the present director general of the AAIB, can tell you the exact timeline because it will depend on how things are revealed as they delve into the data," Group Captain Handa said.
Time of India
11-07-2025
- Business
- Time of India
Big cities = higher returns? A new report on real estate appreciation might just change your investment decision
Tier-II cities like Lucknow and Kanpur others have outpaced metropolitan hubs in real estate value appreciation, according to a report by MagicBricks. The report revealed that average capital appreciation in Tier-II cities rose by 17.6%, surpassing Delhi's 15.7%. This trend signals a rising preference among investors and homebuyers for mid-tier cities, driven by their potential for higher returns, according the report. This trend is most evident in North India, with Kanpur and Lucknow leading at 24.53% and 22.61% year-on-year capital appreciation, respectively, reported NDTV Profit citing the report. Other cities in the region reflecting a similar trend include Dehradun, Jaipur, and Patna. According to the report, this surge in property values is driven by a combination of strong demand and relatively affordable rates. For context, the average price per square foot stands at Rs 6,394 in Lucknow, Rs 6,986 in Kanpur, Rs 5,653 in Dehradun, and Rs 5,654 in Jaipur — significantly lower than Delhi's Rs 18,618 per sq ft, as per Magicbricks data. Live Events Value of homes rise in tier 2 cities Value of homes sold in India's top 15 tier 2 cities has increased by 6% to Rs 40,443 crore in Q1 2025 as against Rs 38,102 crore in the same period last year. According to NSE-listed real estate data analytics firm PropEquity, Lucknow with 25% increase in number of units sold in Q1 2025 at 1301 units registered the highest growth amongst top 15 tier 2 cities. This was followed by Coimbatore 21%, Gandhi Nagar 18% and Mohali 2%. Overall, the sale fell by 8% to 43,781 units in Q1 2025 as compared to 47,378 units in the same period last year. Other 11 cities saw decline in number of units sold in Q1 2025 with Visakhapatnam registering the highest decline (37%) and Ahmedabad and Goa recording the least decline (1% each).
