VIP Industries names Atul Jain as MD; Neetu Kashiramka exits

New Delhi: VIP Industries, the luggage and travel accessories manufacturer, has announced a leadership transition following the recent acquisition of a controlling stake by Multiples Private Equity. 

The company's board approved the appointment of Atul Jain as the new Managing Director, while Neetu Kashiramka stepped down from the role, effective September 23, 2025. 

The changes come as part of the broader shift in control after the Piramal family agreed to sell up to 32% of their stake in a deal valued at approximately USD 650 million.

Atul Jain, an alumnus of IIT Delhi and IIM Calcutta, brings over three decades of experience in consumer durables, sales, and marketing to the position. He has been appointed as an Additional Director and Managing Director for a five-year term, subject to shareholder approval, and will not be liable to retire by rotation. 

Jain previously served as Senior Director at Samsung Electronics' global headquarters in South Korea, where he led retail transformations and drove growth in the company's Rs 15,000 crore consumer durables business through digitalisation and change management. 

His earlier roles include leadership positions at Aptech Ltd., Coca-Cola, Godfrey Phillips India, and Bharti Airtel. In his new role, Jain is also authorised to oversee the determination of material events and disclosures to stock exchanges.

Neetu Kashiramka, who joined VIP Industries as Chief Financial Officer in April 2020 and was elevated to Managing Director in February 2024, resigned from the MD position at the close of the board meeting on September 23. She will continue in employment with the company until October 31, 2025, to ensure a smooth transition. 

Kashiramka's tenure saw the company navigate challenges in a competitive market, including plans to boost market share to 45% over the next three to five years and expand the Carlton brand's revenue to Rs 500 crore within three years.

The leadership shuffle extends beyond the MD role. Dilip Piramal, the company's long-time Chairman and Non-Executive Non-Independent Director, has been appointed Chairman Emeritus on an honorary lifetime basis, effective September 23, without remuneration or board membership. 

His daughter, Radhika Piramal, resigned as Vice-Chairperson and Executive Director, also stepping down from the Corporate Social Responsibility Committee and Allotment Committee. 

Ashish Saha resigned as Executive Director but will remain part of the leadership team as Senior Vice President – Manufacturing & New Projects. 

These resignations are linked to the acquisition by Multiples Group, which involves the Piramal family transferring control.

To bolster the board, four new Additional Directors (Non-Executive, Non-Independent) were appointed effective September 23: Renuka Ramnath, Sridhar Sankararaman, Shalini D. Piramal, and Rajendra Agarwal.

VIP Industries, known for brands like VIP, Skybags, Carlton, and Aristocrat, holds a significant position in India's organised luggage market. The acquisition by Multiples Private Equity, approved by the Competition Commission of India, marks a new chapter for the company, with the fund acquiring shares at approximately Rs 388 per share.