Kaynes Technology on Thursday, August 24, 2023, announced that it has signed a Memorandum of Understanding (MoU) with Karnataka government to drive innovation. The MoU with Kaynes will put Karnataka in the forefront of OSAT and PCB with an investment of Rs 3,750 crores. It will also help in creating 3,200 jobs by harnessing collective expertise.

Share Market Live

NSE

Besides, the partnership is primed to not only meet pressing demands but also position Karnataka as a hub for cutting-edge semiconductor manufacturing and cultivating a self-sustaining and self-reliant ecosystem.

Kaynes Technology in a regulatory update on exchanges said, “Company entered into MoU on August 24, 2023 with Government of Karnataka (Electronics, IT and BT Department) for an investment of Rs 3,750 crores to setup Semiconductor Assembly & Testing (OSAT) facility and Printed Circuit Board (PCB) manufacturing plant through its step down subsidiaries.”

The company adds, Kaynes Technology's pivotal role positions it as the ESDM Semicon ecosystem's anchor in Mysuru and this MoU will help in putting Mysuru on the global map.

Kaynes Semicon Private Ltd will lead the setup of an OSAT facility while Kaynes Circuits India Private Ltd will spearhead the establishment of a Printed Circuit Board (PCB) manufacturing plant for producing complex multi-layered boards.

Shares of Kaynes Technology closed 3.17 percent higher at Rs 1,855 per share today.

(Edited by : Keshav Singh Chundawat)