A Memorandum of Understanding (MoU) was signed by Kaynes Technology and the Karnataka government to promote innovation.  

Karnataka will lead OSAT and PCB with an investment of Rs 3,750 crore thanks to the MoU with Kaynes. By utilising the common knowledge, 3,200 employment will also be created.

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 crore 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.