Mumbai, June 16 -- A clutch of private equity funds, including Lighthouse Funds, Multiples and Motilal Oswal Alternates, are evaluating a minority stake worth $70-100 million in industrial safety gear maker Karam, according to three people familiar with the matter.

The company has been in the market for some time and EY is advising Karam on the fundraising process, the people said. "The transaction is still undergoing due diligence, and no final decision has been made," one of the people cited above said.

"The company is seeking an overall valuation of $600 million on the higher end, and this may evolve or change depending on the buyer," a second person said.

All the people spoke on the condition of anonymity as the discussions remain ...