News in Brief
In a significant development poised to transform Karnataka’s technology landscape, Kaynes Technology has entered into a Memorandum of Understanding (MoU) with the Government of Karnataka’s Electronics, IT, and BT Department.
This landmark agreement, executed on August 24, 2023, signifies a substantial investment of Rs. 3,750 Crores in the establishment of cutting-edge infrastructure.
The company in adherence to Regulation 30 and other relevant provisions of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, formally announced the signing of the MoU.
Empowering Mysuru on the Global Stage
This MoU not only solidifies Kaynes Technology’s pivotal position but also propels Mysuru onto the global tech map. According to the terms of the agreement, Kaynes Semicon Private Limited will take the lead in establishing a Semiconductor Assembly & Testing (OSAT) facility. Concurrently, Kaynes Circuits India Private Limited will spearhead the establishment of a Printed Circuit Board (PCB) manufacturing plant, specializing in complex multi-layered boards.
Investing in the Future
This partnership signifies a substantial investment of INR 3,750 Crores, an impressive sum that promises not only financial growth but also the creation of 3,200 job opportunities.
The collaboration leverages the collective expertise of the region, positioning Karnataka as a leader in OSAT and PCB manufacturing.
What is OSAT?
OSAT stands for Outsourced Semiconductor Assembly and Test. It refers to a segment of the semiconductor industry that specializes in the assembly, packaging, and testing of integrated circuits (ICs) and other semiconductor devices.
OSAT companies play a critical role in the semiconductor supply chain, as many semiconductor manufacturers choose to outsource these assembly and testing processes rather than performing them in-house. This allows semiconductor companies to focus on their core expertise, which is designing and fabricating the semiconductor chips themselves.
The signing of this MoU was graced by esteemed dignitaries, including the Hon’ble Chief Minister of Karnataka, Sri. Siddaramiah, and the Hon’ble Minister for IT/BT and Rural Development & Panchayat Raj, Mr. Priyank Kharge. Also present were Ms. Gunjan Krishna (IAS), Commissioner for Industrial Development and Director, Department of Industries & Commerce, Government of Karnataka, and Mr. Sanjeev Gupta, CEO of KDEM.