KARAM Group, established 25 years ago with a turnover of INR 1000 crore, acquired Midas Safety India’s operations, which have a turnover of INR 110 crore, through a slump deal. Midas Safety India, founded 16 years ago, is known for its strong hand protection products, contributing significantly to its revenue
KARAM Safety, a major global player in personal protective equipment (PPE) and fall protection solutions, has successfully acquired Midas Safety India, a key player in hand protection safety products. This acquisition marks a significant step for KARAM Group in broadening its market presence and enhancing its product range. Combining KARAM’s expertise in fall protection and PPE with Midas Safety India’s extensive hand protection portfolio strengthens KARAM Group’s position as a leader in the safety industry. This merger will enable the company to offer a wider array of high-quality safety solutions to meet the evolving needs of customers.
KARAM Group, established 25 years ago with a turnover of INR 1000 crore, acquired Midas Safety India’s operations, which have a turnover of INR 110 crore, through a slump deal. Midas Safety India, founded 16 years ago, is known for its strong hand protection products, contributing significantly to its revenue. KARAM will now continue to deliver products under Midas’s brands, including Ninja®, Techtion®, Valpro®, and Frontier®. This acquisition is expected to be strategically and financially beneficial for KARAM Group, opening significant market opportunities in India’s rapidly growing PPE sector. KARAM Group, growing at a CAGR of 15% annually, aims to reach a revenue of INR 1400 crore by 2025 with this expanded product portfolio.
Commenting on the acquisition, Hemant Sapra, President of Global Sales & Marketing at KARAM Group, said, “With KARAM’s acquisition of Midas Safety India, two leading PPE industry players have united. We warmly welcome Midas Safety India to the KARAM family, aligning with our vision of global safety leadership and commitment to excellence. This union expands our product range, offering high-quality PPE to our customers. By joining forces, we bring together a rich history, talented people, and innovative products. We are dedicated to promoting indigenous manufacturing growth, contributing to India’s global manufacturing prominence in occupational health and safety. This acquisition combines our organizations’ strengths, creating a powerful entity to deliver exceptional value to stakeholders, customers, and employees. Through synergies in resources, technologies, and talents, we aim for greater scale, market presence, and product diversity. Together, we’re shaping the future of manufacturing in India and beyond.”
Sivakumar Krithivasan, Business Unit Head – India at Midas Safety India, expressed excitement about the acquisition, stating, “Midas Safety India brings a wealth of experience and expertise to KARAM Group, with a strong presence in key markets across the country. The acquisition will enable KARAM Group to leverage Midas Safety India’s distribution network, manufacturing capabilities, and brand reputation to drive growth and innovation in the safety products market. We are excited about the opportunities that lie ahead as we integrate Midas Safety India into the KARAM Group. Together, we are well-positioned to capitalize on emerging trends and deliver value-added solutions to our customers across industries.
The acquisition highlights KARAM Group’s commitment to expanding its product offerings, improving customer service, and driving sustainable growth in the safety industry. The employees, being a crucial part of the company’s success, will be supported through this transition with the necessary resources and opportunities to thrive. Both organizations are dedicated to maintaining high standards of quality, integrity, and innovation while exploring new growth opportunities.
The Indian PPE market is projected to grow significantly, with expectations to rise at a CAGR of 10.20 per cent from USD 841.4 million in 2023 to USD 1482 million by 2029. The market’s growth is driven by increasing workplace safety regulations and industrialisation. The COVID-19 pandemic has also heightened demand for protective gear across sectors such as automotive, healthcare, manufacturing, and construction. Companies are responding with technological innovations, customisation, and enhanced online procurement to improve market accessibility.
