On 24 August, 2023, Kaynes Technology (KTL) signed a memorandum of understanding (MoU) with the Karnataka Electronics, IT & BT Department for an investment worth Rs 3,750 crore. The investment will be utilised to set up a semiconductor assembly parts, testing (OSAT) facility and printed circuit board (PCB) unit on the outskirts of Mysuru through its step-down subsidiaries.

Specifically, Kaynes Semicon will lead the setup of the OSAT facility, while Kaynes Circuits India will helm the establishment of the PCB manufacturing plant which will produce complex multi-layered boards.

The state government will support the development of the electronics system and design manufacturing (ESDM) sector. Further, the MoU with Kaynes will put Karnataka in the forefront of OSAT and PCB and will help in creating 3,200 employment opportunities.

Mysuru-based firm is engaged with ISRO projects and has supplied power packages to the Chandrayaan-3 mission, which has been of use in powering the mission's lander and rover. KTL's pivotal role positions it as the ESDM Semicon ecosystem's anchor in Mysuru and placing Karnataka as a hub for cutting-edge semiconductor manufacturing and creating a self-reliant ecosystem.