KARAM Safety, a leading global Personal Protective Equipment (PPE) player and fall protection solutions provider, has acquired Midas Safety India, a prominent player in the hand protection safety products industry, stated company release.
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, it said.
The 25-year-old KARAM Group, with a turnover of Rs1000 crore, has acquired the operations of Midas Safety India having a top line of Rs110 crore through a slump deal.
Hand protection products are a major revenue contributor to Midas Safety India which was established 16 years ago.
“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,” said Hemant Sapra, President, Global Sales & Marketing, KARAM Group.
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.
“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,” said Sivakumar Krithivasan, Business Unit Head – India, Midas Safety India.
The Indian Personal Protective Equipment (PPE) Market is expected to grow at a CAGR of 10.20% from $841.4 million in 2023 to $1.5 billion 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, added the release.
Source: Economic Times