The Dilip Piramal-promoted VIP Industries is acquiring the Carlton luggage brand from the UK-based Carlton International for an undisclosed sum.
The company is in the process of acquiring Carlton’s trademark and other intellectual property rights, moulds, plant and machinery, among other things.
It has informed the Bombay Stock Exchange that its bid for acquiring certain assets of Carlton, which is under liquidation, has been accepted.
VIP is also setting up a wholly owned subsidiary in London, which will help it to intensify its export efforts and exploit the potential of the Carlton brand worldwide.
Piramal refused to divulge details of the proposed acquisition.
For the year ended March 31, 2003, VIP Industries reported a net profit of Rs 4.59 crore, against Rs 3.54 crore in the previous year. Its revenue stood at Rs 282.62 crore in 2002-03, compared with Rs 267.49 crore in the previous year.
The luggage business accounted for the bulk of the company’s turnover with Rs 253.65 crore coming from the domestic market alone. The moulded furniture business contributed Rs 48.13 crore in the last financial year.
The company has a overseas joint venture company in Bangladesh called VIP Nitol Industries. It recently closed a factory at Jalgaon in Maharashtra.
VIP Industries exports to Europe and the Gulf and has a presence in Africa.