Kaynes Semicon Signs Fiscal Support Deal Under ISM Scheme

Kaynes Semicon Private Limited, which is a wholly owned subsidiary of Kaynes Technology India Limited has signed its Fiscal Support Agreement and other transactional documents with the India Semiconductor Mission through the semiconductor policy framework of the Government of India.

The relocation is a milestone procedural move to unlock fiscal funding to the scheme principles and is an indication of a continuous movement towards the national mission.

Implementation of the agreements allows formal support of the project by the government in terms of fiscal assistance. It is also a pointer of further alignment between the company and authorities as India continues to drive to enhance its local semiconductor ecosystem. The growth is given the fact that the India Semiconductor Mission hastens to establish long term manufacturing capacity in the country.

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Kaynes Semicon reported that the signing supports its governance, compliance and transparency initiatives as it pursues its semiconductor manufacturing plans. According to Amitesh Kumar Sinha, CEO of ISM, the signing is another significant milestone and he mentioned that the project was going according to the objectives of the Mission.

Raghu Panicker, Chief Executive Officer of Kaynes Semicon, remarked that they allow the company to proceed with its semiconductor manufacturing roadmap and that Governmental support through Government of India, ISM, and the Government of Gujarat still is of central importance to the progress of the project.

Executive Vice Chairman of Kaynes Technology India Limited, Ramesh Kannan stated that the development reaffirms the long-term vision of the company of establishing semiconductor manufacturing capacity in India and participating in the development of digital and industrial India.

Kaynes Technology India Limited is one of the most successful manufacturers of integrated electronics in India, providing end-to-end solutions with the orientation in the IoT-enabled technologies.