Kaynes Tech reaffirms commitment to Telangana: CMO
The Hindu
Kaynes Technology to inaugurate advanced electronic unit near Hyderabad, continuing partnership with Telangana for development.
Integrated electronics manufacturer Kaynes Technology will inaugurate an advanced electronic unit at Kongara Kalan, near Hyderabad, on Friday (August 23, 2024).
Kaynes CEO Raghu Panicker called on Telangana Chief Minister A. Revanth Reddy on Monday (August 19, 2024) at the State Secretariat in Hyderabad and invited him to the programme. He said that the company will continue its partnership in the State’s development.
The semiconductor manufacturing company remains committed to continue its relations with Telangana, the Chief Minister’s office said in a release on the meeting.
In October 2023, the leadership team of Kaynes Technology had met the then Industries and IT Minister K.T. Rama Rao and announced plans to set up an Outsourced Semiconductor Assembly and Test (OSAT) and compound semiconductor facility in Kongara Kalan with an estimated investment of ₹2,800 crore and direct employment for over 2,000 people. The company had sought land for the project adjacent to the proposed electronics manufacturing facility of Foxconn.
Weeks later, it broke ground for a facility near Hyderabad with only the State government officials participating in the function amid the Model Code of Conduct for State Assembly elections in force. During one of the election campaign meetings, Mr. Rao cited the speed with which Telangana allotted the land sought by the company after it decided to shift the project proposal from neighbouring Karnataka.
To queries, sources in State government on Monday (August 20, 2024) said the advanced electronic unit to be inaugurated later this week will be manufacturing downstream electronics and semiconductor products. The OSAT proposal is not yet approved by the government of India.
The CMO release said the OSAT unit which is being set up by Kaynes is under consideration of the Indian Semiconductor Mission (ISM). Mr. Panicker said the OSAT unit will start operations soon after the ISM’s permission is received.
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