India, July 17 -- Dilip Piramal, Chairman of VIP Industries, said on Monday that the younger generation of his family is not interested in managing the business. His remarks came a day after the company informed stock exchanges that promoter group entities plan to divest a 32% stake to a group of private equity investors and others.

"We are a family-owned business, and the next generation is not very keen on running it," Piramal told NDTV Profit.

"In all our 53 years of existence, VIP has been the market leader. But in the last five years, we have been losing market share. Last year, we reported losses in all four quarters," added the business tycoon.

Luggage maker VIP Industries has a market capitalization of Rs.6,830 crore, according...