To invest in a Rs. 2,800-crore semiconductor plant; to generate direct employment for over 2,000 people
Mysore/Mysuru: Mysuru-based Kaynes Technology has entered into an agreement with the Telangana Government to establish a semiconductor plant in that State with an investment of Rs. 2,800 crore.
“The company has signed a Memorandum of Understanding (MoU) with the Government of Telangana to establish an Outsourced Semiconductor Assembly and Testing (OSAT) and Compound Semiconductor manufacturing facility in the State,” as stated in its exchange filing yesterday.
This proposed facility will be situated at a 40-acre area in Kongara Kalan, adjacent to the upcoming electronics manufacturing facility of Foxconn, as mentioned in the statement. The projected investment is anticipated to create employment opportunities for over 2,000 individuals, as per the filing.
K.T. Rama Rao, the Minister of Information Technology, Electronics and Communications, and Industries, met with Kaynes Managing Director Ramesh Kunhikannan and Chairperson Savitha Ramesh to officially announce the establishment of this facility in the State.
“We are thrilled to collaborate with the Government of Telangana for our prestigious OSAT/Advanced therapy medicinal products (ATMP) plant in Hyderabad. The speed at which the Telangana team worked is truly exceptional,” said Kunhikannan.
It is worth noting that in August of this year, Kaynes Technology also entered into an MoU with the Government of Karnataka to establish OSAT and Printed Circuit Board (PCB) manufacturing facilities at Kochanahalli near Nanjangud, with a substantial investment of Rs. 3,750 crore. This partnership is expected to create 3,200 job opportunities through the synergistic combination of expertise.
In Telangana, Kaynes is venturing into OSAT/ATMP services through its subsidiary, Kaynes Semicon. Kaynes Semicon will provide support to customers globally in QFN, SOT, TO, BGA, and FC BGA type packages for power devices in the first three years. Additionally, Kaynes Semicon is in the process of establishing a cutting-edge R&D centre for package research in collaboration with IIT Bombay.
Yesterday’s meeting was attended by Jayesh Ranjan, Secretary of Telangana Industries and IT, E. Narsimha Reddy, Vice-Chairman and Managing Director of TSIIC, Sujai Karampuri, Director of Electronics, and Raghu Panicker, CEO of Kaynes Semicon.
This post was published on October 7, 2023 7:42 pm