Motilal Oswal Alternates has infused ₹600 crore into KARAM Safety, a leading manufacturer of personal protective equipment. The funds, provided through the India Business Excellence Fund V, will support the company’s global expansion and manufacturing upgrades. As KARAM Safety is an unlisted company, there is no impact on public stock exchanges.
Motilal Oswal Alternates has announced a ₹600 crore investment into KARAM Safety, a prominent Indian manufacturer of industrial personal protective equipment. This funding comes from the private equity firm’s India Business Excellence Fund V, which reached a final closure of ₹8,500 crore earlier in February 2026. This transaction marks the fifth capital allocation from this specific fund, which is aimed at backing manufacturing enterprises with significant global export operations.
Founded in 1998, KARAM Safety has built a substantial portfolio exceeding 3,800 safety products, including fall protection gear and respiratory equipment. The company operates vertically integrated manufacturing facilities across India, Brazil, and South Africa. Because KARAM is a private, unlisted company, its shares are not available for trading on the National Stock Exchange (NSE) or the Bombay Stock Exchange (BSE).
The fresh capital is earmarked to support both organic growth and potential strategic acquisitions. The management aims to use these resources to enter new product categories and strengthen distribution networks in key export markets, including North America, Europe, and the Asia-Pacific region. EY acted as the financial advisor to KARAM Safety for this transaction.
For the broader industrial safety sector, this deal highlights the ongoing focus on manufacturing firms that are successfully scaling their international footprint. However, investors and industry observers should note that the personal protective equipment (PPE) sector is highly competitive and operates with tight margins. Companies in this space often face challenges related to high working capital requirements and inventory management.
Additionally, as a global exporter, the company remains susceptible to volatility in raw material prices and fluctuations in foreign exchange rates. The success of this capital infusion will largely depend on how effectively the company executes its integration plans for future acquisitions and its ability to scale international manufacturing operations amidst global industrial demand changes. The next major monitorable for the business will be the successful deployment of these funds into its stated expansion and research and development initiatives.