New Delhi, June 24 -- Bengaluru/Mumbai: Domestic private equity (PE) firms such as Multiples Alternatives and 360 One are in talks to pick up a minority stake in listed luggage and travel accessories maker VIP Industries, three people with knowledge of the development said.

The stake sale is part of ongoing efforts of the promoter family-the Piramals-to exit the business. An attempt to sell controlling stake in the company fell through last November.

The PE firms will buy around 26% stake in the company, likely triggering an open offer, the people cited above said on the condition of anonymity. "Term sheets have been shared by the prospective investors," one of the persons said. "Finer details of the deals are being discussed."

"Once t...