UST and Kaynes Semicon Partner to Set up a Rs 3,330 Crore Joint Venture for Semiconductor Manufacturing in India

BusinessWire India

Bengaluru (Karnataka) [India], September 29: UST, a leading AI and technology transformation solutions company, has announced a strategic investment in Kaynes Semicon, a prominent Indian semiconductor manufacturer. The investment arrangement lays the foundation for greater collaboration between the two firms as they work together to power the next era of electronics and Electric Vehicles (EVs), renewables, and consumer technology. Furthermore, the partnership advances India's ambition to become a leading semiconductor hub, promoting quality, reliability, and local value, while providing advanced solutions globally.

UST's worldwide presence and existing semiconductor client base make it a valuable partner for Kaynes Semicon, creating opportunities for new customers to leverage the benefits of Indian assembly and testing. The partnership will also take advantage of UST's digital engineering, AI-driven process improvements, and real-time data analysis, which are all essential for scale, reliability, and avoiding hidden costs.

Guided by the "Make in India" growth strategy, this collaboration comes as India's semiconductor industry continues to mature, moving toward its long-term goals of self-reliance and next-generation technology leadership. The two leaders in electronics and engineering will further these efforts by establishing a Rs 3,300 crore world-class OSAT (Outsourced Semiconductor Assembly and Test) facility in Sanand, Gujarat. OSAT remains relatively new in India, and its successful development requires a combination of Kaynes' experience in the sector and UST's strengths in R&D and testing.

"This ambitious partnership between UST and Kaynes Semicon will help shape the future of semiconductor manufacturing in India. We are proud to participate in the 'Make in India' initiative. Together, our two great companies will harness the strengths of the Indian market and build a formidable foundation for the country to become a key player in the global semiconductor industry," said Krishna Sudheendra, Chief Executive Officer, UST.

"Kaynes Semicon is built around the same values as UST, and I am excited to strengthen ties between our two great companies. Together, we will collaborate to meet rising global demand by accelerating the development, manufacturing, and assembly of advanced semiconductor components in India," said Gilroy Mathew, Chief Operating Officer, UST.

"Our partnership with UST brings together world-class manufacturing and digital engineering expertise. This enables Kaynes Semicon to deliver advanced OSAT solutions while strengthening India's self-reliant semiconductor ecosystem," said Raghu Panicker, Chief Executive Officer, Kaynes Semicon Private Limited.

"Kaynes Semicon's collaboration with UST is a proud milestone for the 'Make in India' mission. Together, we are creating a platform that will set benchmarks for semiconductor assembly, testing, and innovation, not just for India but for the global market," said Ramesh Kannan, Promoter & Executive Vice Chairman, Kaynes Technology India Limited.

Kaynes Semicon is a wholly owned semiconductor subsidiary of Kaynes Technology India Ltd. Incorporated in 2008, Kaynes Technology is a leading end-to-end and IoT solutions-enabled integrated electronics manufacturing company, and is a listed company (BSE: 543664, NSE: KAYNES) in India.

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