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.
Rajat Sharma who was recently elected as President of the NBA talks about his plans for the industry body
The Country Sales Manager Media at Akamai says that technology seems to be taking over all possible spaces and people considering it in both positive and negative ways
The India Marketing Lead of Skyscanner believes that with the acquisition by Ctrip they have reached the market leader status
Our typical marketing budget is usually 10 per cent of the topline spend
The BBC carried out a survey along with Globescan to see how the world looks at the issue of ‘fake news’
The objective of content marketing is not just to encourage product purchase or generate ROI. The key to its success lies in building relationships based on trust, opines Dasgupta
The interesting animated rap music video encapsulates Droom’s ecosystem tools and their role in facilitating second-hand automobile transactions