Famous Indian businessman Dilip Piramal is set to sell his company VIP Industries the famous luggage brand. It has been known for a while that he wanted to sell his business. But it was not clear who was going to buy it. However that mystery has now been solved as the names of the buyers have come to light. First lets talk about the chairman Dilip G Piramal. He is a Commerce graduate and an experienced industrialist who has pioneered the luggage industry in India. He has an experience of more than 50 years in the luggage industry. Established in 1968 VIP Industries Limited is amongst the World’s leading manufacturers and retailers of luggage backpacks and handbags and an established leader in the organised luggage market in India.  Dilip Piramal stated that his family’s younger generation has no interest in running the business. This statement came soon after the company announced it would sell a 32% stake to a group of private equity investors and others signaling a fundamental reorganization of the family-owned luggage company. While speaking to NDTV Profit Piramal stated We are a family-owned business and the next generation is not very keen on running it. This group of buyers involves several private equity funds as well as individual investors including Mithun Padma Sacheti and Siddharth Sacheti. It is noteworthy that Mithun and Siddharth Sacheti are individual shareholders of VIP Industries. So who are these Sacheti brothers? What do the new owners of VIP Industries precisely do? Mithun and Siddharth Sacheti are the sons and Padam Sachetis sons of Jaipur Gems. Notably Mithun Sacheti was the founder of the leading popular jewellery brand called CaratLane which he subsequently sold to Titan a Tata Group company. Mithun Sacheti started CaratLane in 2016 and after 8 years the Tata Group acquired this jewellery business. Currently Mithun Sacheti is an Independent Director at Metro Brands and Siddharth Sacheti is running the family business Jaipur Gems. They also have stakes in several other companies including the well-known Nazara Technologies. So why Dilip Piramal is selling the company? Dilip Piramal the founder of VIP Industries is selling the company after 57 years largely because the next generation in his family is not interested in carrying on the business with him and also the company has been underperforming in the last five years. Dilip Piramal has two daughters Radhika and Aparna and he told me that neither one is interested in carrying on with the business.