VIP Industries Ltd., India’s biggest luggage maker, is planning to buy a European rival this financial year as overseas companies such as Samsonite LLC expand in the company’s home market. VIP surged as much as 12 percent to a record in Mumbai after Chairman Dilip Piramal said the company, about 6 percent owned by Indian investor Rakesh Jhunjhunwala, is targeting a luggage maker owned by a private equity firm. The company also plans to form joint ventures to manufacture soft luggage and boost sales, he said. “It is quite a respected name,” Piramal said of the acquisition target he’s identified. “In soft luggage, we will enter into joint ventures with some major suppliers both in India and abroad.” VIP is expanding its product range as economic growth and rising salaries prompts more Indians to travel. The nation’s luggage industry, estimated to be valued at about 20 billion rupees ($433 million) a year, is growing at 15 percent annually, Piramal said. India’s $1.2 trillion economy may grow 8.5 percent in the year ending March 31 and 9 percent the following year, according to Finance Minister Pranab Mukherjee. […]