Dilip Piramal and family sold a 32% stake in VIP Industries for ₹1,763 crore, triggering a control shift to a PE-led consortium. Analyst Varunkumar Patel called it a governance overhaul amid weak margins and leadership void. Despite 10-11% volume growth, VIP posted losses in FY25. Analysts see scope for strategy reset, cost control, and brand revival under new ownership.