The promoters of V.I.P. Industries Limited (BSE:507880) are considering selling their stake in India's largest luggage and travel accessories maker, two people familiar with the development said. The deal, including a potential open offer, could be worth as much as $1 billion and see the promoters completely exit the business, one of the people said. The promoters have hired the investment banking team of InCred Capital to manage the sale, the people cited above said, requesting anonymity.

The Dilip Piramal-led promoter group owns a little over 50% of VIP Industries, the owner of luggage brands such as VIP, Carlton and Skybags. The market value of VIP Industries is around INR 93,100 million, valuing the promoters' stake at about INR 46,500 million. Private equity (PE) firms are most likely to be interested in the asset, given that VIP Industries is much larger than its Indian rivals, except Safari Industries, the first person cited above said.

Dilip Piramal did not respond to emails and text messages requesting comments on Monday. A mail sent to InCred's spokesperson did not elicit any response.