New Delhi: Kaynes Circuits India, a subsidiary of Mysuru-based Kaynes Technology, has signed a non-binding Memorandum of Understanding (MoU) with the Government of Tamil Nadu for a proposed Rs.4.995 crore investment in advanced circuit manufacturing facilities in the state.
According to sources close to the development, the investment would help generate 4,700 jobs in Thootukodi and the surrounding areas.
This would be Tamil Nadu’s first major investment in Printed Circuit Boards (PCB) manufacturing, after housing major electronics assembling hubs in Sriperumbudur and Hosur.
Located close to VinFast’s EV manufacturing facility, this investment is expected to boost electronics manufacturing in the state, where cross-industrial manufacturing synergies can help boost long-term value.
“The Government of Tamil Nadu, through Guidance, has agreed to provide necessary facilitation and support, including assistance with infrastructure and regulatory clearances, in line with applicable laws and policies” the company said through a press release.
Kaynes Technology is a leading electronics manufacturer in India, offering end-to-end IoT solutions-enabled integrated electronics manufacturing facilities.
The company has been a stock market favourite, with its shares rising more than 762% after its IPO in November 2022. The company’s net profit for Q1FY26 jumped 47% to Rs.74.6 crore from Rs.50.8 crore last year.Kaynes Technology’s shares rose 2% on August 5 at 10.45 AM, in the next trading session after the news was reported.
