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KARAM Safety acquires Midas Safety India to strengthen its leadership position in the personal protection equipment (PPE) industry in India

Delhi…May 3, 2024…KARAM Safety, a leading global PPE player and fall protection solutions provider, is pleased to announce the successful acquisition of Midas Safety India, a prominent player in the hand protection safety products industry. This strategic move marks a significant milestone in KARAM Group’s journey towards expanding its presence and enhancing its product offerings. The acquisition of Midas Safety India strengthens KARAM Group’s position as a market leader in the safety industry, combining KARAM’s expertise in fall protection and personal protective equipment (PPE) with Midas Safety India’s extensive portfolio of hand protection safety products. This synergy will enable KARAM Group to offer customers a comprehensive range of high-quality safety solutions to meet their evolving needs.

 

The 25-year-old KARAM Group, with a turnover of INR 1000 crore, has acquired the operations of Midas Safety India having a top line of INR 110 crore through a slump deal. Hand protection products are a major revenue contributor to Midas Safety India which was established 16 years ago. Today, KARAM proudly carries out that tradition in delivering premier products under Midas’s brands, Ninja®, Techtion®, Valpro® and Frontier®. The acquisition will be a good strategic and financial fit for KARAM Group and will open up significant market opportunities in the       fast growing PPE market in India. KARAM Group is growing at a CAGR of 15% year on year and is targeting a revenue of INR 1400 crore with this additional product portfolio by 2025.

 

While commenting on the acquisition, Hemant Sapra, President, Global Sales & Marketing, 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.”

 

While expressing excitement, Sivakumar Krithivasan, Business Unit Head – India, Midas Safety India said, “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 capitalise on emerging trends and deliver value-added solutions to our customers across Industries.” 

 

The acquisition of Midas Safety India underscores KARAM Group’s commitment to expanding its product offerings, enhancing customer service, and driving sustainable growth in the safety industry. The employees are the cornerstone of the company’s success, and their dedication and talent are instrumental in driving the business forward. Both the organisations are fully committed to supporting the team members throughout this transition, providing them with the resources and opportunities they need to thrive going forward. The organisations will continue to uphold the highest standards of quality, integrity, and innovation, while also embracing new opportunities for growth and advancement.

 

The Indian Personal Protective Equipment (PPE) Market shows a bright future, expected to grow at a CAGR of 10.20% from USD 841.4 million in 2023 to USD 1482 million by 2029. The market is experiencing a surge due to numerous driving factors such as workplace safety regulations and industrialisation as primary factors. With a significant increase in awareness around workplace safety and the pressing impact of the COVID-19 pandemic, there is a heightened demand for protective gear across various sectors, namely auto, healthcare, manufacturing, and construction. The emergence of health concerns and hygiene maintenance has notably influenced the PPE market space. Market players are countering through technological innovation, customisation, and leveraging online procurement to enhance market accessibility.

 

About KARAM Group

KARAM is a leading global occupational safety brand with a vast portfolio of over 3500 certified products conforming to multiple national and international standards and export their safety solutions to over 100 nations. The company has a team of 4000 professionals who have been relentlessly developing, testing, and evaluating products, earning KARAM a reputation as one of the finest global companies that provide world-class personal protective equipment (PPE), fall protection solutions and fixed-line systems. KARAM is a responsible brand that values empowering people, uplifting society and enriching the environment.

 

About Midas Safety India

Midas Safety Private Limited, India was established in 2008 and offers best-in-class hand protection and other PPEs to various customers. Midas Safety India employs 350 plus people across various functions and has strong manufacturing, supply chain, sales and service capabilities to serve a wide customer base spanning Automotive, Chemical, Electronics, Energy, Healthcare, Food Processing, and Infrastructure industries. It has well-established distributor network, across India. It’s ISO 9001:2015 certified manufacturing plant at Coimbatore produces gloves, sleeves, helmets, and respirators with well-equipped laboratory, assuring testing and compliance with global standards – ISI, CE and ANSI. The facility is certified under Module D (EU PPE Regulations 2016/425) for production of Category III PPE and ISO 13485 -International standard for medical device quality management systems.

 

For more information about KARAM Group and Midas Safety India, please visit:

https://www.KARAM.in/ 

https://www.midassafety.in/ 

 

For further media queries, please contact:

Sonia Kulkarni | Hunk Golden and Media

9820184099 | sonia.kulkarni@hunkgolden.in 

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