Mysore/Mysuru: Following social media reports of Kaynes Technology moving out of Karnataka to set up a semiconductor plant in Telangana with an investment of Rs. 2,800 crore instead of setting up the Rs. 3,750-crore semiconductor manufacturing facilities at Kochanahalli near Nanjangud, Mysuru, the company has clarified that it will not move out of Karnataka.

Speaking to Star of Mysore this morning, Col. Sharath Bhat, President, International Business, heading Market and New Initiatives at Kaynes Technology, Mysuru, dismissed these reports as unfounded.

“Semiconductor business has various aspects and components where manufacturing facilities can be set up at various places. There is no question of moving the semiconductor manufacturing business out of Karnataka. For Kaynes, Karnataka remains an important destination in the development of the electronics ecosystem including Semicon,” he said.

“Our proposed investment in Telangana alongside Karnataka is part of our larger plan to place India in the global semicon map. We will also continue to invest in bringing the latest technologies and ecosystems to Mysuru,” Col. Bhat added.